Don't use ai given answer accounting questions ABC Corp reported a net income of $60,000. The company's accounts receivable andaccounts payable balances were as follows:•Opening Accounts Receivable (AR): $35,000Closing Accounts Receivable (AR): $32,000Opening Accounts Payable (AP): $40,000⚫ Closing Accounts Payable (AP): $45,000What is the Operating Cash Flow (OCF) using the indirect method?A) $58,000B) $62,000C) $68,000D) $72,000

Step 1: Definition of Operating Cash Flow (OCF) using the Indirect MethodOperating Cash Flow (OCF)…

Answered: ABC Corp reported a net income of…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter11: The Statement Of Cash Flows

Section: Chapter Questions

Problem 12MCQ: Smoltz Company reported the following information for the current year: cost of goods sold,...

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