Question: Baikal Forest Corp s 2014 income statement showed the following net
Baikal Forest Corp.’s 2014 income statement showed the following: net income, $291,200; depreciation expense, building, $36,000; depreciation expense, equipment, $6,560; and gain on sale of equipment, $5,600. An examination of the company’s current assets and current liabilities showed that the following changes occurred because of operating activities: accounts receivable decreased $14,480; merchandise inventory decreased $41,600; prepaid expenses increased $2,960; accounts payable decreased $7,360; and other current payables increased $1,120. Use the indirect method to calculate the cash flow from operating activities.
Answer to relevant QuestionsRequired Which of the three competing corporations is in the strongest relative position as indicated by their comparative statements of cashflows?In each of the following cases, use the information provided about the 2014 operations of Phelps Corp. to calculate the indicated cashflow:Uni-Select Inc.’s comparative balance sheet information at December 31, 2014 and 2013, and its income statement for the year ended December 31, 2014, are as follows:During 2014, the following transactions occurred:1. ...Sangoma Technologies Inc. began operations on January 1, 2013. Its post-closing trial balance at December 31, 2013 and 2014, is shown below along with some other information.Other information regarding Sangoma and its ...Required Refer to the information in Problem 17-7B. Prepare a statement of cash flows for 2014 using the direct method to report cash inflows and outflows from operating activities.Other information:a. All accounts payable ...
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