Question: Can I get the answer to the question attached in less than 30 min please? 6. (TCO F) Cash flows from operating activities (indirect and
Can I get the answer to the question attached in less than 30 min please?
6. (TCO F) Cash flows from operating activities (indirect and direct methods). Presented below is the income statement of Smiling Tiger, Inc. Sales $250,000 Cost of goods sold 109,000 Gross profit $141,000 Operating expenses 85,000 Income before income taxes56,000 Income taxes 22,400 Net income $33,600 In addition, the following information related to net changes in working capital is presented. Debit Credit Cash $10,600 Accounts receivable 2,400 Inventories $3,600 Salaries payable (operating 12,000 expenses) Accounts payable 15,000 Income taxes payable 1,400 Depreciation expense for the year was $14,700 Deferred tax liability account increased $1,800 Required: Prepare a schedule computing the net cash flow from operating activities that would be shown on a statement of cash flows: (a) (b) using the indirect method. using the direct method
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