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just am wondering if I did this right if not please give me the correct answers thank uou! The accounting records of Eastlake Industries provided
just am wondering if I did this right if not please give me the correct answers thank uou!
The accounting records of Eastlake Industries provided the data below. Net income Depreciation expense Increase in inventory Increase in accounts receivable Decrease in interest payable Amortization of bond premium Increase in accounts payable Cash dividends paid $292,000 24,000 1,600 1,320 1,520 2,200 6,200 12,000 Required: Prepare a reconciliation of net income to net cash flows from operating activities. (Amour a minus sign.) Prepare a reconciliation of net income to het Cash U a minus sign.) $ 292,000 Cash Flows from Operating Activities: Net income Adjustments for noncash effects: Depreciation expense 24,000 Changes in operating assets and liabilities: Increase in inventory Decrease in interest payable Decrease in accounts receivable Increase in accounts payable (1.600) 1,520 1,320 (6,200) $ 311,040 Net cash flows from operating activitiesStep by Step Solution
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