The accounting records of The Olive Oil Company reveal the following for the month ended August 31,
Question:
The accounting records of The Olive Oil Company reveal the following for the month ended August 31, 2020:
Required
Compute cash flows from operating activities by the direct method.
Transcribed Image Text:
Acquisition of land... Amortization. . $ 89,000 Loss on sale of land. . $6,000 50,000 Net income. 78,000 Cash sales. 78,000 Payment of accounts payable.. 110,000 Collection of accounts receivable.. 186,000 Payment of dividends . Collection of dividend revenue . Decrease in current liabilities . 25,000 4,000 Payment of income tax.. 8,000 52,000 Payment of interest. Payment of salaries 48,000 and wages. . 14,000 Increase in current assets other than cash . 76,000
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Related Book For
Horngrens Accounting
ISBN: 9780135359785
11th Canadian Edition Volume 2
Authors: Tracie Miller Nobles, Brenda Mattison, Ella Mae Matsumura, Carol A. Meissner, Jo Ann Johnston, Peter R. Norwood
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