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Please correct my errors (red boxes) of the cash flow statement below using the direct method . Sunland Ltd. reported the following for the fiscal
Please correct my errors (red boxes) of the cash flow statement below using the direct method.
Sunland Ltd. reported the following for the fiscal year 2024 : Additional information: 1. Accounts receivable decreased by $14,550 during the year. 2. Inventory increased by $6,790 during the year. 3. Prepaid expenses decreased by $4,850 during the year. 4. Accounts payable to suppliers increased by $9,700 during the year. 5. Accrued expenses payable increased by $3,880 during the year. 6. Income tax payable decreased by $5,820 during the year. Prepare the operating activities section of the cash flow statement using the direct method. (Show amounts that decrease cash flow with either a - sign e.g. 15,000 or in parenthesis e.g. (15,000).)Step by Step Solution
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