Loveless Corporation had the following 2012 income statement. Revenues $100,000 Expenses 60,000 $ 40,000 In 2012, Loveless

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Loveless Corporation had the following 2012 income statement.

Revenues                      $100,000
Expenses                          60,000 
                                     
 $ 40,000 

In 2012, Loveless had the following activity in selected accounts.

                

Prepare Loveless’s cash flows from operating activities section of the statement of cash flows using (a) the direct method and (b) the indirect method.

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Intermediate Accounting

ISBN: 978-0470587287

14th Edition

Authors: kieso, weygandt and warfield.

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