Question
The current sections ofCullumberRentals balance sheets at December 31, 2021, and 2020, are presented here.Cullumber' profit for 2021 was $119,340. Depreciation expense was $18,720. 2021
The current sections ofCullumberRentals balance sheets at December 31, 2021, and 2020, are presented here.Cullumber' profit for 2021 was $119,340. Depreciation expense was $18,720.
2021 2020
Current assets
Cash $81,900 $77,220
Accounts receivable 85,800 69,420
Inventory 123,240 134,160
Prepaid expenses 21,060 17,160
Total current assets $312,000 $297,960
Current liabilities
Accrued expenses payable $11,700 $3,900
Accounts payable 66,300 71,760
Total current liabilities $78,000 $75,660
Prepare the net cash provided by operating activities section of the company's statement of cash flows for the year ended December 31, 2021, using the indirect method.
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
