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Daly Inc. reported the following data: Net income $225,000 Depreciation expense 25,000 Gain on disposal of equipment 20,500 Decrease in

Question:

Daly Inc. reported the following data:

Net income $225,000
Depreciation expense 25,000
Gain on disposal of equipment 20,500
Decrease in accounts receivable 14,000
Decrease in accounts payable 3,600

Prepare the Cash Flows from Operating Activities section of the statement of cash flows using the indirect method.

Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive... Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...

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Related Book For  answer-question
Accounting

Accounting

ISBN: 978-0324662962

23rd Edition

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

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Question Details
Chapter # 16- Statement of Cash Flows
Section: Practice Exercises
Problem: 8
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Question Posted: September 05, 2011 09:18:39
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