Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Incredible Industries began 2018 with accounts receivablo inventory, and prepaid expenses totaling $58,000 and its total current liabilities totaling $39,000. At the end of the

image text in transcribed
Incredible Industries began 2018 with accounts receivablo inventory, and prepaid expenses totaling $58,000 and its total current liabilities totaling $39,000. At the end of the year, these samo current assets totaled $55,000, while its total current liabilities totaled $50,000 Not income for the year was 586 000 Included in net income were a $3.000 gain on the sale of land and depreciation expense of $5,000 Show how Incredible should report cash flows from operating activities for 2018 The company uses the inctirect method (Use parentheses or a minus sign for numbers to be subtracted and for a not decrease in cash) G Cash flows from operating activities: Adjustments to reconcile not income to not cash provided by used for operating activities Not cash provided by used for) operating activities

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Consolations Of Economics How We Will All Benefit From The New World Order

Authors: Gerard Lyons

1st Edition

0571307795, 9780571307791

More Books

Students also viewed these Accounting questions

Question

=+d. Write at least five sentences or phrases for body copy.

Answered: 1 week ago

Question

=+b. Create a tagline.

Answered: 1 week ago