Madison Corp. reported the following in the Current Assets section of its comparative balance sheets: Supplemental information
Question:
Supplemental information at the bottom of Madisons 2014 statement of cash flows was as follows:
Madisons 2014 debt service coverage ratio was 20 to 1. Determine Madisons cash flow from operations for 2014.
Transcribed Image Text:
December 31, 2014 December 31, 2013 Current Liabilities: Current portion of notes payable $400,000 $600,000 2013 2014 Interest paid $135,000 $155,000 Income taxes paid 550,000 425,000
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Related Book For
Financial Accounting The Impact on Decision Makers
ISBN: 978-1285182964
9th edition
Authors: Gary A. Porter, Curtis L. Norton
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In order to determine the amount of cash created by operating operations, the indirect technique for preparing the statement of cash flows entails adjusting net income with changes in balance sheet.
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