Question: Help Save Computer Service and Repair was started five years ago by two college roommates. The company's comparative statements of financial position and statement of

 Help Save Computer Service and Repair was started five years ago
by two college roommates. The company's comparative statements of financial position and

Help Save Computer Service and Repair was started five years ago by two college roommates. The company's comparative statements of financial position and statement of earnings are presented below, along with additional Information. Current Year Prior Year Statement of Financial Position at December 31 Cash Accounts receivable Prepaid expenses Equipment Accumulated depreciation $4,800 500 50 @ $ 3,250 700 100 350 (50) $ 4,350 $ 358 250 1,000 2,75e $ 4,350 Wages payable Short-term note payable Contributed capital Retained earnings $4,550 $1,100 @ 1,000 2,450 $4,550 Statement of Earnings for Current Year Service revenue Depreciation expense Salaries expense Other expenses Net earnings $34,000 5e 30,000 3,650 $ 300 Additional Data: 1. Prepaid expenses relate to rent paid in advance. 2. Other expenses were paid in cash. 3. Purchased equipment for $350 cash at the beginning of the current year and recorded $50 of depreciation expense at the end of the current year. 4. At the end of the current year, the company signed a short-term note payable to the bank for $250. Required: Prepare the operating activities section of the statement of cash flows for Computer Service and Repair using the Indirect method. (Negative answers should be indicated by a minus sign.) Cash flows from operating activities indirect method Add (deduct) to reconcile net earings to net cash flow provided by operating activities: Net cash flows used for operating activities 0

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