Use the following information to determine cash flows from operating activities using the indirect method. Required Use
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Use the following information to determine cash flows from operating activities using the indirect method.
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Use the indirect method to prepare the operating activities section of Cruz’s statement of cash flows.
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MOSS COMPANY Income Statement For Year Ended December 31, 2020 MOSS COMPANY Selected Balance Sheet Information Sales ..... $515,000 At December 31 2020 2019 Cost of goods sold 331,600 Gross profit... 183,400 Current assets Operating expenses (excluding depreciation) Cash ..... $84,650 $26,800 121,500 Accounts receivable. 25,000 32,000 Depreciation expense 36,000 Inventory.... 60,000 54,100 Income before taxes.. 25,900 Current liabilities 7,700 $ 18,200 Income taxes expense. Accounts payable.... 30,400 25,700 Net income Income taxes payable .. 2,050 2,200
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Cruz Inc Statement of Cash Flows For the Year Ended December 31 2020 Operating activities Net income 30000 Adjustments to reconcile net income to net ...View the full answer
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Financial Accounting Information For Decisions
ISBN: 9781260705584
10th Edition
Authors: John J. Wild
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