Will and Grace Partners reported a profit of $67 000 for the year. The income statement also

Question:

Will and Grace Partners reported a profit of $67 000 for the year. The income statement also showed that depreciation expense was $7 000 and a loss on the sale of a motor vehicle of $3 000. The showed an increase in of $4 000 for the year, a decrease in inventory of $3 000 and an increase in of $4 000.
Required:
Prepare a reconciliation of operating profit to cash flows from operating activities using the indirect method as illustrated in the chapter. Accounts Payable
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