Kelly McGillis Company has just completed its first year of operations on December 31, 1996. Its initial
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Kelly McGillis Company has just completed its first year of operations on December 31, 1996. Its initial income statement showed that Kelly McGillis had revenues of \(\$ 157,000\) and operating expenses of \(\$ 78,000\). Accounts receivable and accounts payable at year end were \(\$ 42,000\) and \(\$ 33,000\), respectively. Assume that accounts payable related to operating expenses Ignore income taxes.
\section*{Instructions}
Compute net cash provided by operating activities using the direct method.
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Related Book For
Financial Accounting
ISBN: 9780471169208
2nd Edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
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