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S11-4 (similar to) Question Help Amazing Industries began 2018 with accounts receivable, inventory, and prepaid expenses totaling $47,000 and its total current liabilities totaling $34,000.
S11-4 (similar to) Question Help Amazing Industries began 2018 with accounts receivable, inventory, and prepaid expenses totaling $47,000 and its total current liabilities totaling $34,000. At the end of the year, these same current assets totaled $45,000, while its total current liabilities totaled $38,000. Net income for the year was $23,000. Included in net income were a $1,000 gain on the sale of land and depreciation expense of $7,000 Show how Amazing should report cash flows from operating activities for 2018. The company uses the Indirect method. (Use parentheses or a minus sign for numbers to be subtracted and for a net decrease in cash:) Cash flows from operating activities Adjustments to reconcile net income to not cash provided by (used for) operating activities: the cornerating untivities
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