7. The net income for Gemini Company for2020 was $100,000. following are somefacts related to the Company:Depreciation Expense $14,000;Decrease in long-term bonds payable20,000 ;Increase in Accounts payable 5,000;Increase in salaries payable 9,000;Decrease in rent payable 3,000 ;Cash received from the sale of land 26,20%;loss on sale of land 7,500;Increase in accounts Payabledecrease in Inventory4,0003;15,000;Repayment of a bank loan 12,400;Using the indirect method, calculate the netcash flows from operating activities

Cash flow from operating activities using indirect method is computed by adjusting the change in…

7. The net income for Gemini Company for 2020 was $100,000. following are some facts related to the Company: Depreciation Expense Decrease in long-term bonds payable 20,000 ; Increase in Accounts payable 5,000; Increase in salaries payable 9,000; Decrease in rent payable 3,000 ; $14,000; Cash received from the sale of land 26,200; loss on sale of land 7,500; Increase in accounts Payable decrease in Inventory 4,0003; 15,000; Repayment of a bank loan 12,400; Using the indirect method, calculate the net cash flows from operating activities

7. The net income for Gemini Company for 2020 was $100,000. following are some facts related to the Company: Depreciation Expense Decrease in long-term bonds payable 20,000 ; Increase in Accounts payable 5,000; Increase in salaries payable 9,000; Decrease in rent payable 3,000 ; $14,000; Cash received from the sale of land 26,200; loss on sale of land 7,500; Increase in accounts Payable decrease in Inventory 4,0003; 15,000; Repayment of a bank loan 12,400; Using the indirect method, calculate the net cash flows from operating activities

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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aa.4
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