Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The income statement of Pronghorn Company is shown below. Additional information: 1. Accounts receivable decreased $63,000 during the year. 2. Inventory increased $39,000 during the

image text in transcribed

image text in transcribed

The income statement of Pronghorn Company is shown below. Additional information: 1. Accounts receivable decreased $63,000 during the year. 2. Inventory increased $39,000 during the year. 3. Prepaid expenses increased $12,000 during the year. 4. Accounts payable increased $26,000 during the year. 5. Accrued expenses payable increased $6,000 during the year. 6. Administrative expenses include depreciation expense of $20,00 Prepare the operating activities section of the statement of cash flows using the direct method

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

Government Auditing Standards

Authors: U.S. Government Accountability Office

1st Edition

B0C9S8NVST, 979-8851147746

More Books

Students also viewed these Accounting questions