OMD Equipment, Inc., reported the following data for 2012: Income statement Net income . . . .
Question:
Income statement
Net income . . . . . . . . . . . . . . . . . . . . . $ 44,000
Depreciation . . . . . . . . . . . . . . . . . . . . . . 8,000
Balance sheet
Increase in Accounts receivable . . . . . . . 7,000
Decrease in Accounts payable . . . . . . . . 4,000
Requirement
1. Compute OMD’s net cash provided by operating activities—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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Req 1 OMD Equipment Inc Statement of Cash FlowsPartial Year Ended 2012 ...View the full answer
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Related Book For 
Financial and Managerial Accounting
ISBN: 978-0132497978
3rd Edition
Authors: Horngren, Harrison, Oliver
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