Question
he following information was taken from the records of Adams,Inc.. 20162017 ASSETS: Cash$25,000$43,000 Accounts Receivable120,500115,000 Prepaid Rent3,0004,000 Accounts Payable89,00095,000 Utilities Payable8,0006,500 Income Statement For the
he following information was taken from the records of Adams,Inc..
20162017
ASSETS:
Cash$25,000$43,000
Accounts Receivable120,500115,000
Prepaid Rent3,0004,000
Accounts Payable89,00095,000
Utilities Payable8,0006,500
Income Statement
For the Year ended December 31, 2017
REvenue$ 160,000
Expenses:
Operating Expenses$ 123,000
Utilities Expenses12,000
Rent Expense16,000(151,000
Net Income$9,000
REQUIRED:Prepare the Operating Activities section of the cash flowstatement under the indirect method.
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
