Fitz Company reports the following information.

Selected Annual Income Statement Data Selected Year$-$End Balance Sheet Data

 

 Net income $ $394,000$ Accounts receivable decrease $ $17,\mathrm{}900$ 

 

 Depreciation expense $44,000$ Inventory decrease $42,\mathrm{}500$ 

 

 Amortization expense $7,200$ Prepaid expenses increase $4,\mathrm{}900$ 

 

 Gain on sale of plant assets $6,000$ Accounts payable decrease $8,\mathrm{}600$ 

 

   Salaries payable increase $1,\mathrm{}800$ 

 

Use the indirect method to prepare the operating activities section of its statement of cash flows for the year ended December $31.$

Note: Amounts to be deducted should be indicated with a minus sign.

Answer rating: 100% (QA)

To prepare the operating activities section of Fitz Companys statement of cash flows using the indir... View the full answer