A company reports net income of $8,500 for the year. During the year, the company reports...

 

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A company reports net income of $8,500 for the year. During the year, the company reports an $900 loss from retirement of notes and a gain of $1,350 from the sale of equipment. Also, depreciation expense is $3,000. The only change in current assets and current liabilities was a $450 increase in inventory. Compute net cash provided by operating activities using the indirect method. Note: Amounts to be deducted should be indicated with a minus sign. Cash Flows from Operating Activities (indirect) Adjustments to reconcile net income to net cash provided by operating activities. Income statement items not affecting cash Changes in current assets and current liabilities A company reports net income of $8,500 for the year. During the year, the company reports an $900 loss from retirement of notes and a gain of $1,350 from the sale of equipment. Also, depreciation expense is $3,000. The only change in current assets and current liabilities was a $450 increase in inventory. Compute net cash provided by operating activities using the indirect method. Note: Amounts to be deducted should be indicated with a minus sign. Cash Flows from Operating Activities (indirect) Adjustments to reconcile net income to net cash provided by operating activities. Income statement items not affecting cash Changes in current assets and current liabilities

Answer rating: 100% (QA)

Answer Cash flows from Operating Activities indirect 8500 Adjustments to reconcil... View the full answer