Question: Brenda Textiles Inc reported net income of 120 000 for 2011
Brenda Textiles, Inc., reported net income of $120,000 for 2011. The company also reported depreciation expense of $35,000 and a loss of $2,500 on the sale of sewing equipment. The comparative balance sheet shows a decrease in accounts receivable of $5,000 for the year, a $2,500 decrease in accounts payable, and a $1,980 increase in prepaid expenses. Prepare the cash from operating activities section of the statement of cash flows for 2011 using the indirect method.
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