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The income statement of Sheffield Company is presented here. Additional information: 2. Prepaid expenses increased $147,000 during the year. 3. Accounts payable to suppliers of
The income statement of Sheffield Company is presented here. Additional information: 2. Prepaid expenses increased $147,000 during the year. 3. Accounts payable to suppliers of inventory decreased $349,500 during the year. 4. Accrued expenses payable decreased $99,800 during the year. 5. Administrative expenses include depreciation expense of $108,700. Prepare the operating activities section of the statement of cash flows using the direct method. (Show amounts that decrease cash flow with either a - sign e.s. 15,000 or in parenthesis e.g. (15,000). Prepare the operating activities section of the statement of cash flows using the direct method. (Show amounts that decrease cash flow with either a-sign e.s. 15,000 or in parenthesis e.8. (15,000)
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