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Mallory Michaels, senior accountant for Trendy Fashions, has gathered the following balances from the company?s general ledger: December 31, 2014 December 31, 2013 Accounts Receivable
Mallory Michaels, senior accountant for Trendy Fashions, has gathered the following balances from the company?s general ledger:
December 31, 2014 | December 31, 2013 | |
Accounts Receivable | $49,287 | $63,231 |
Inventories | 144,630 | 117,406 |
Prepaid Expenses | 4,600 | 3,800 |
Accounts Payable | 38,678 | 48,398 |
Accrued Liabilities | 14,090 | 11,425 |
Income Taxes Payable | 1,400 | 12,195 |
Net Income | 742,921 | |
Depreciation Expense | 84,098 | |
Loss on the sale of land | 15,240 |
Using the indirect method, prepare the cash flows provided by operating activities section of the statement of cash flows for 2014.(If amount decreases cash flow then enter with a negative sign preceding the number or parenthesis, e.g. -15,000 or (15,000).)
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