Question: Data for Cheaney Company are presented in P13-7A. Further analysis reveals the following. 1. Accounts payable pertain to merchandise suppliers. 2. All operating expenses except

Data for Cheaney Company are presented in P13-7A. Further analysis reveals the following.

1. Accounts payable pertain to merchandise suppliers.

2. All operating expenses except for depreciation were paid in cash.

Instructions

(a) Prepare a statement of cash flows for Cheaney Company using the direct method.

(b) Compute free cash flow.

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a CHEANEY COMPANY Statement of Cash Flows For the Year Ended December 31 2011 Cash flows from operating activities Cash receipts from customers 223000 ... View full answer

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