Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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.

image text in transcribed

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

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditor Going Concern Reporting A Review Of Global Research And Future Research Opportunities

Authors: Marshall A. Geiger, Anna Gold, Philip Wallage

1st Edition

0367649489, 978-0367649487

More Books

Students also viewed these Accounting questions

Question

Distinguish between hearing and listening.

Answered: 1 week ago

Question

Use your voice effectively.

Answered: 1 week ago