Question

For the year ending March 31, 2013, Omega Systems Inc. reported net income of $105,450 and paid dividends of $7,500. Comparative balance sheets as of March 31, 2013 and 2012, are as follows:


Instruction
1. Prepare a statement of cash flows, using the indirect method.
2. Why is depreciation added to net income in determining net cash flows from operating activities?Explain.


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  • CreatedFebruary 04, 2014
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