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The following balances were gathered from Brandon Companys general ledger. Using the indirect method, prepare the cash flows provided by operating activities section of Brandons
The following balances were gathered from Brandon Companys general ledger. Using the indirect method, prepare the cash flows provided by operating activities section of Brandons statement of cash flows.
|
| June 30, 2014 | June 30, 2015 |
| Accounts receivable | $120,000 | $132,000 |
| Inventory | 180,000 | 197,000 |
| Accounts payable | 43,000 | 54,000 |
| Accrued liabilities | 12,000 | 16,000 |
| Income taxes payable | 22,000 | 15,000 |
| Sales | 430,000 |
|
| Cost of goods sold | 270,000 |
|
| Operating expenses (includes $15,000 depreciation) | 112,000 |
|
| Gain on sale of equipment | 26,000 |
|
| Income tax expense | 17,000 |
|
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