The income statement of Kodiak Industries Inc. for the current year ended June 30 is as follows:

Question:

Changes in the balances of selected accounts from the beginning to the end of the current year are as follows:

Prepare the Cash Flows from Operating Activities section of the statement of cash flows, using the directmethod.

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Accounting

ISBN: 978-0324662962

23rd Edition

Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren

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Question Posted: Sep 05, 2011 09:19 AM

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The income statement of Kodiak Industries Inc. for the current year ended June 30 is as follows:

Question:

Increase Decrease* Accounts recelvable (net) Inventories .... Prepaid expenses Accounts payable (merchandise creditors) Accrued expenses payable (operating expenses) Income tax payable $8,400* 2,800 2,720* 5,760* 880 1,920*

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Cash flows from operating activities Cash received from customers 373200 1 Deduct Cash ...View the full answer

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