Question
Partial balance sheets and additional information are listed below for Sowell Company. Sowell CompanyPartial Balance Sheetsas of December 3120212020AssetsCash$30,000$11,000Accounts receivable61,00075,000Inventory30,00026,000LiabilitiesAccounts payable$45,000$52,000 Additional information for 2021:
Partial balance sheets and additional information are listed below for Sowell Company.
Sowell CompanyPartial Balance Sheetsas of December 3120212020AssetsCash$30,000$11,000Accounts receivable61,00075,000Inventory30,00026,000LiabilitiesAccounts payable$45,000$52,000
Additional information for 2021:
Net income was $78,000.
Depreciation expense was $29,000.
Required:
Prepare the operating activities section of the statement of cash flows for 2021 using the indirect method.(Amounts to be deducted should be indicated with a minus sign.)
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Financial Reporting And Analysis
Authors: Lawrence Revsine, Daniel Collins
4th Edition
0073527092, 978-0073527093
