Question

Sunshine Enterprises included the following statements in its 2015 financial report:


REQUIRED:
a. Convert each of the accrual-basis income statement accounts to a cash basis. Would you classify this method as directly or indirectly computing cash provided (used) by operating activities?
b. Prepare a proof of results. That is, begin with net income and adjust net income to arrive at cash provided (used) by operating activities. Would you classify this method as directly or indirectly computing cash provided (used) by operating activities?
c. Refer to Figure 14–19, and use the same format to reconcile the income statement with operating cashflows.


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  • CreatedAugust 19, 2014
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