Question: Please review and complete the attached question Question 39: Changes in various accounts and gains and losses on the sale of assets during the year
Please review and complete the attached question

Question 39: Changes in various accounts and gains and losses on the sale of assets during the year for Argon Company are given below: Accrued liabilities ................... Income taxes payable .............. Sale of equipment ................... Sale of long-term investments .......... Item Amount Accounts receivable .......................... $90,000 decrease Inventory ........................................... $120,000 increase Prepaid expenses ............................... $3,000 decrease Accounts payable .............................. $65,000 decrease $8,000 increase $12,000 increase $7,000 gain $10,000 loss Required: Prepare an answer sheet using the following headings: Item Amount Add Subtract Accounts receivable Inventory Prepaid expenses Accounts payable Accrued liabilities Income taxes payable Sale of equipment Sale of longterm investments For each item, place an X in the Add or Subtract column to indicate whether the dollar amount should be added to or subtracted from net income under the indirect method when computing the net cash provided by operating activities for the year
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