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Use the following income statement and information about changes in non-cash current assets and current liabilities to present the cash flows from operating activities using
Use the following income statement and information about changes in non-cash current assets and current liabilities to present the cash flows from operating activities using the indirect method. (List any loss, cash outflow or deduction in cash as negative amounts.) $2,800 1,414 $1,386 Eyelashes and More Co. Income Statement For Year Ended May 31, 2020 Sales Cost of goods sold Gross profit Operating expenses: Depreciation expense Other expenses Total operating expenses Loss on sale of long-term investment Profit (loss) from operations Income tax expense Profit (loss) $ 222 1,990 1,312 88 $ (14) 0 $ (14) Changes in current asset and current liability accounts during the year were as follows. Accounts receivable Inventory Prepaid insurance Accounts payable Accrued liabilities $ 42 decrease 17 increase 2 increase 10 increase 5 decrease EYELASHES AND MORE CO. Statement of Cash Flows For Year Ended May 31, 2020 Profit (loss) Adjustments: Changes in current asset and current liability accounts during the year were as follows. Accounts receivable Inventory Prepaid insurance Accounts payable Accrued liabilities $ 42 decrease 17 increase 2 increase 10 increase 5 decrease EYELASHES AND MORE CO. Statement of Cash Flows For Year Ended May 31, 2020 Profit (loss) Adjustments
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