Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please follow the instructions and help!! thank you so much. LeBlanc Transportation (LT) began 20XX with accounts receivable, inventory, and prepaid expenses totalling $66,000. At

please follow the instructions and help!! thank you so much.
image text in transcribed
LeBlanc Transportation (LT) began 20XX with accounts receivable, inventory, and prepaid expenses totalling $66,000. At the ond of the yoar, LT had a total of $84,000 for these current assets. At the beginning of 20XX, LT owed current liabilities of $44,400, and at year-end, current liabilities totalled $42,000. Net income for the year was $87,500. Included in net income were a $4,800 gain on the sale of land and depreciation expense of $12,000. Show how LT should report cash flows from operating activities for 20X. LT uses the indiroct method. Complete the following table to calculate the net cash provided by operating activities. (Use parentheses or a minus sign for numbers to be subtracted or a net decrease in cash.)

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

More Books

Students also viewed these Accounting questions