The net income reported on the income statement for the current year was $132,000. Depreciation recorded on
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The net income reported on the income statement for the current year was $132,000. Depreciation recorded on store equipment for the year amounted to $21,800. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows:
Prepare the Cash Flows from Operating Activities section of the statement of cash flows, using the indirectmethod.
Transcribed Image Text:
Beginning of Year End of Year $48,200 35,600 54,220 4,600 45,600 29,800 Cash Accounts receivable (net) Merchandise inventory Prepaid expenses Accounts payable (merchandise creditors) Wages payable $52,300 51,200 6,000 49,000 26,800
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Accounting
ISBN: 978-0324662962
23rd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
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