The comparative balance sheets for 2011 and 2010 are given below for Surmise Company. Net income for
Question:
The comparative balance sheets for 2011 and 2010 are given below for Surmise Company. Net income for 2011 was $50 million.
Required:
Prepare the statement of cash flows of Surmise Company for the year ended December 31, 2011. Use the indirect method to present cash flows from operating activities because you do not have sufficient information to use the direct method. You will need to make reasonable assumptions concerning the reasons for changes in some account balances. A spreadsheet or T-account analysis will be helpful.
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Step by Step Answer:
Surmise Company Spreadsheet for the Statement of Cash Flows Balance Sheet Assets Cash Accounts receivable Less Allowance Prepaid expenses Inventory Lo...View the full answer
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Related Book For 
Intermediate Accounting
ISBN: 978-0077400163
6th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
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