The accounting records of Lawrence Fur Traders include these accounts: Requirement 1. Compute Lawrences net cash provided
Question:
Requirement
1. Compute Lawrences net cash provided by (used for) operating activities during October. Use the indirect method. Does Lawrence have trouble collecting receivables or selling inventory? How can youtell?
Transcribed Image Text:
Cash Accounts Receivable Inventor Oct 1 11,000 Receipts 537 Oct 31 102,000 Oct 8,000 Oct 1 4,000 Pa 446,000 538 Collections 537,000 Purchases 437,000 Cost of sales 434,000 Oct 31 9,000 Oct 31 7,000 Equipment Accounts Payable Accumulated Deprec-Equipment Oct 52,000 Oct 1 188,000 uisition 7 Oct 31 195,000 14,000 328,000 Purchases 437,000 Oct 31 123,000 Oct 1 tion 9,000 Pa Oct 31 61,000 Accrued Liabilities Retained Earnings Oct 1 12,000 Quarterly Oct 1 66,000 22,000 Dividend 18,000 Net Income 35,000 Oct 3 83,000 28,000 Recei Oct 31 6,000
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Cash flows from operating activities Net income 35000 Adjustments to ...View the full answer
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Financial accounting
ISBN: 978-0136108863
8th Edition
Authors: Walter T. Harrison, Charles T. Horngren, William Bill Thomas
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