The accounting records of Ashby Fur Traders include these accounts: Requirement Compute Ashby's net cash provided by
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Requirement
Compute Ashby's net cash provided by (used for) operating activities during August. Use the indirect method. Do you see any potential problems in Ashby's cash flows from operations? How can you tell?
Transcribed Image Text:
Cash Accounts Receivable Aug. 1 Receipts4 Aug. 31 80,000 Aug. 1 418.000 Payments 30,000 Receipts 1 322,000 Collections 418,000 48,000 Aug. 31 1 1 2,000 Inventory 6,000 Equipment Aug. 1 Aug. 1 181,000 106,000 Aug. 31 185,000 Accumulated Depreciation-Equipment Accounts Payable Aug. 1 Aug. 1 Depreciation ,00 Payments 334,000 Purchases 433,000 Aug. 3 43,000 13,000 ,000 Aug. 34,000 Accumulated Depreciation-Equipment Accounts Payable Aug. 1 15,000 433,000 114,000 43,000 Aug. 1 Purchases Aug. 31 ation 5 .000 Payments 334,000 Aug. 31 30,000 Accrued Liabilities Retained Earnings Aug. 1 Receipts Aug. 31 14,000 Quarterly 30,000 Dividend Aug. 1 Net Income Aug. 31 б3,000 23,000 68,000 Payments 33,000 20,000 9,000
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Related Book For
Financial Accounting
ISBN: 978-0134564142
6th Canadian edition
Authors: Walter Jr. Harrison, Charles T. Horngren, C. William Thomas, Greg Berberich, Catherine Seguin
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