Please provide answer in text (Without image) The comparative statement of financial position for Cullumber Corporation shows the following noncash current asset and liabilityaccounts at March 31:Accounts receivableInventoryPrepaid expensesAccounts payableSalaries payableIncome tax payable2024$64,00063,5006.90032,20014,00010,200Cash Flows from Operating Activities2023Cash Receipts from Customers$45,20071,0004,35045,20010,800Cullumber's statement of income reported the following selected information for the year ended March 31, 2024: sales were$880,000, cost of goods sold was $470,000, other operating expenses were $227,000 (which included depreciation expense of$20,000), salaries expense was $52,500, and income tax expense was $15,000. Calculate net cash provided (used) by operatingactivities using the direct method.5,050CULLUMBER CORPORATIONStatement of Cash Flows (Partial)For the Year Ended March 31, 2024861200

The cash flow statement is prepared to record the cash flow from various activities during the…

accounts at March 31: Accounts receivable Inventory Prepaid expenses Accounts payable Salaries payable Income tax payable position Cullumber Corporation shows the following noncash current asset and liability 2024 $64,000 $45,200 63,500 71,000 6,900 32,200 14,000 10,200 2023 4,350 45,200 10,800 5,050 Cullumber's statement of income reported the following selected information for the year ended March 31, 2024: sales were $880,000, cost of goods sold was $470,000, other operating expenses were $227,000 (which included depreciation expense of $20,000), salaries expense was $52,500, and income tax expense was $15,000. Calculate net cash provided (used) by operating activities using the direct method.

accounts at March 31: Accounts receivable Inventory Prepaid expenses Accounts payable Salaries payable Income tax payable position Cullumber Corporation shows the following noncash current asset and liability 2024 $64,000 $45,200 63,500 71,000 6,900 32,200 14,000 10,200 2023 4,350 45,200 10,800 5,050 Cullumber's statement of income reported the following selected information for the year ended March 31, 2024: sales were $880,000, cost of goods sold was $470,000, other operating expenses were $227,000 (which included depreciation expense of $20,000), salaries expense was $52,500, and income tax expense was $15,000. Calculate net cash provided (used) by operating activities using the direct method.

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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