Use the income statement for Hargrove Dynamics, Inc., for the past year ended December 31, 2011, and
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Use the income statement for Hargrove Dynamics, Inc., for the past year ended December 31, 2011, and the information from the comparative balance sheets shown for the beginning and the end of the year to prepare the cash from operating activities section of the statement of cash flows using the directmethod.
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Hargrove Dynamics, Inc. Income Statement For the Year Ended December 31, 2011 Sales Cost of goods sold Gross margin Operating expenses Wages... kent. . Utilities Insurance. Net income $120,000 . 40,000 80,000 ...$ 7,500 10,200 4,800 1,500 24,000 56,000 Selected accounts from the balance sheet: Account Accounts receivable Inventory Prepaid insurance Accounts payable Wages payable Utilities payable Beginning of the Year 5,000 32,000 1,500 12,000 1,850 End of the Year $15,000 12,500 500 17,500 1,600 500
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Cash from operating activities Cash collected from customers 110000 a Cash paid for inventory 15000 ...View the full answer
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Related Book For
Financial Accounting: A Business Process Approach
ISBN: 978-0136115274
3rd edition
Authors: Jane L. Reimers
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