Murray Company has provided the following partial comparative balance sheets and the income statement for 2010. Required:
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Required:
Compute operating cash flows by using the directmethod.
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Murray Company Comparative Balance Sheets For the Years Ended December 31, 2009 and 2010 2009 2010 Current assets: Accounts receivable Inventories Current liabilities Wages payable $350,000 125,000 $281,250 150,000 $300,000 $237,500 Murray Company Income Statement For the Year Ended December 31, 2010 Revenues Gain on sale of equipment Less: Cost of goods sold Less: Depreciation expense Less: Interest expense $1,200,000 50,000 (650,000) (125,000) (25,000 S 450,000 Net income
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Income Statement Adjustments Cash Flows Revenues 1200000 68750 a 1268750 Gain o...View the full answer
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Related Book For
Cornerstones of Managerial Accounting
ISBN: 978-0324660135
3rd Edition
Authors: Mowen, Hansen, Heitger
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