Shim Company presents its statement of cash flows using the indirect method. The following accounts and corresponding
Question:
The income statement contained a $1,500 gain on the sale of equipment, an $800 loss on the sale of land, and $3,600 of depreciation expense. Net income for the period was $47,300.
Required
Prepare the operating activities section of the statement of cashflows.
Transcribed Image Text:
Account Title 2014 2013 Accounts receivable Prepaid rent Interest receivable Accounts payable Salaries payable Unearned revenue $36,000 2,400 600 9,300 4,500 3,600 $37,200 1,800 400 10,400 5,200 5,400
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Cash Flows From Operating Activities Net Income 47300 Add Decrease in accounts ...View the full answer
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Related Book For
Fundamental financial accounting concepts
ISBN: 978-0078025365
8th edition
Authors: Thomas P. Edmonds, Frances M. Mcnair, Philip R. Olds, Edward
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