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Use the following selected date and additional information from the records of Hitchcock Corporation to answer the question that follows: Balance Sheet Data 2004 2003
Use the following selected date and additional information from the records of Hitchcock Corporation to answer the question that follows: Balance Sheet Data 2004 2003 -A/R $50,000 $40,000 -Inventory 32,000 25,000 -Prepaid Rent 11,000 5,000 -A/P 23,000 20,000 -Salaries payable 19,000 15,000 -Taxes payable 8,000 11,000 Income Statement Data 2004 -Depreciation Expense 6,000 - Net Income 50,000 Requied: Prepare the Operating Activities section of the Statement of Cash Flows for the year ended 2004. Use the INDIRECT Method
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