Use the following income statement and information about changes in noncash current assets and current liabilities to
Question:
Changes in current asset and current liability accounts for the year that relate to operations follow.
Accounts receivable . . . . . . . . . $45,300 increase
Merchandise inventory . . . . . . . 35,150 increase
Accounts payable . . . . . . . . . . $10,075 decrease
Salaries payable . . . . . . . . . . . . . . 4,750decrease
Transcribed Image Text:
SEYMOUR COMPANY Income Statement For Year Ended December 31, 2009 Cost of goods sold Gross profit Operating expenses $2.175,000 1,065.750 1.109,250 . ._.. _. _ . . . $ $297,975 58,725 6,525 23,925 Utillties expense 439,350 669,900 8,700 $ 678,600 Net Income
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Cash flows from operating activities Net income 678600 Adjustments to reconcile net incom...View the full answer
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