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Hello, I am working on this problem and I am almost done but as you can see I am missing a few details in regards
Hello, I am working on this problem and I am almost done but as you can see I am missing a few details in regards to the account titles and $ amounts. Can someone help me properly fill out this table? Also I have also listed account descriptions below the original problem, so please use those or else the grading system will count it as wrong. Thanks!
Instructions The following account balances for the noncash current assets and current liabilities of Suffolk Company are available: Suffolk Company December 31, December 31, 2016 2015 $43.000.00 $35.000.00 2 Accounts receivable 30.000.00 40,000.00 3 Inventory 17.000.00 15.000.00 4 Prepaid rent 5 Totals S90,000.00 $90,000.00 S26,000.00 $19,000.00 6 Accounts payable 6.000.00 10,000.00 7 Income taxes payable 15.000.00 12,000.00 8 Interest payable $47000.00 $41,000.00 9 Totals Net income for 2016 is $40,000. Depreciation expense is $20,000. Assume that all sales and all purchases are on account. Required: 1. Prepare the Operating Activities section of the statement of cash flows using the indirect method. 2. Provide a brief explanation as to why cash flow from operating activities is more or less than the net income of the periodStep by Step Solution
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