Question
The following balances were gathered from Brandon Company's general ledger. June 30, 2014 Accounts receivable $120,000 Inventory 180,000 Accounts payable 43,000 Accrued liabilities 12,000 Income
The following balances were gathered from Brandon Company's general ledger.
June 30, 2014
Accounts receivable
$120,000
Inventory
180,000
Accounts payable
43,000
Accrued liabilities
12,000
Income taxes payable
22,000
Sales
430,000
Cost of goods sold
270,000
Operating expenses (includes $15,000 depreciation)
112,000
Gain on sale of equipment
26,000
June 30, 2015
Accounts receivable$132,000
Inventory 197,000
Accounts payable 54,000
Accrued liabilities16,000
Income taxes payable15,000
Sales
Cost of goods sold
Operating expenses (includes $15,000 depreciation)
Gain on sale of equipment
Required: Using the indirect method, prepare the cash flows provided by operating activities section of Brandon's statement of cash flows.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Survey Of Accounting
Authors: Thomas Edmonds, Philip Olds, Frances McNair, Bor-Yi Tsay
1st Edition
0073526770, 9780073526775
