Net income reported in the income statement for the current year was $325,000. The depreciation registered in
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Net income reported in the income statement for the current year was $325,000. The depreciation registered in fixed assets and the amortization of patents in the year were $40,000 and $9,000, respectively. The balances of the current asset and current liability accounts at the end and beginning of the year are as follows:
Fin | Beginning | |
accounts receivable | 108,000 | 112,000 |
inventories | 105,000 | 93,000 |
Prepaid expenses | 6,500 | 4500 |
Accounts payable (merchandise creditors) | 89,000 | 75,000 |
What is the amount of cash flows from operating activities reported in the statement of cash flows prepared by the indirect method ?
Related Book For
Financial Accounting The Impact on Decision Makers
ISBN: 978-1285182964
9th edition
Authors: Gary A. Porter, Curtis L. Norton
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