Diamond Ltd. reported profit of $850,000 for the year ended November 30, 2021. Depreciation Expense for the

Question:

Diamond Ltd. reported profit of $850,000 for the year ended November 30, 2021. Depreciation Expense for the year was $175,000, Accounts Receivable increased by $80,000, Prepaid Expenses decreased by $35,000, and Accounts Payable increased by $170,000. Calculate the net cash provided (used) by operating activities using the indirect method.

Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive... Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...

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