Question
Pickering Company's prepaid insurance was $10,500 at December 31, 2015, and $14,500 at December 31, 2016. Pickering reported insurance expense of $20,500 on the 2016
Pickering Company's prepaid insurance was $10,500 at December 31, 2015, and $14,500 at December 31, 2016. Pickering reported insurance expense of $20,500 on the 2016 income statement. What amount would be reported in the statement of cash flows as insurance paid using the direct method?
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Cornerstones Of Financial Accounting
Authors: Jay Rich, Jefferson Jones, Maryanne Mowen, Don Hansen, Donald Jones, Ralph Tassone
2nd Canadian Edition
0176707123, 978-0176707125
