The accounting records of Last Chance, Inc., reveal the following: Requirements 1. Compute cash flows from operating

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The accounting records of Last Chance, Inc., reveal the following:

Requirements
1. Compute cash flows from operating activities by the direct method.
2. Evaluate the operating cash flow of Last Chance, Inc. Give the reason for yourevaluation.

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Financial Accounting

ISBN: 978-0133052152

2nd edition

Authors: Robert Kemp, Jeffrey Waybright

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Question Posted: Apr 29, 2014 03:14 AM

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The accounting records of Last Chance, Inc., reveal the following: Requirements 1. Compute cash flows from operating

Question:

35,000 Payment of 12,000 Net Income Payment of income tax.10 Collection of wages.$45,000 Depreciation Expense...13,000 8,000 Payment of interest . 17,000 salaries and wages dividend revenue... Payment of Payment to suppliers...38,000 92,000 Collections from customers dividends. 8,000

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Financial Accounting

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