affect the statement of cash flows under the E13-4 Bracewell Ltd. reported net income of £195,000 for 2017. Bracewell also reported depreciation expense of £40,000 and a gain of £5,000 on disposal of plant assets. The com- parative statements of financial position show an increase in accounts receivable of £15,000 for the year, a £17,000 increase in accounts payable, and a £4,000 decrease in prepaid expenses. Instructions Prepare the operating activities section of the statement of cash flows for 2017. Use the indirect method.

affect the statement of cash flows under the E13-4 Bracewell Ltd. reported net income of £195,000 for 2017. Bracewell also reported depreciation expense of £40,000 and a gain of £5,000 on disposal of plant assets. The com- parative statements of financial position show an increase in accounts receivable of £15,000 for the year, a £17,000 increase in accounts payable, and a £4,000 decrease in prepaid expenses. Instructions Prepare the operating activities section of the statement of cash flows for 2017. Use the indirect method.

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter12: The Statement Of Cash Flows

Section: Chapter Questions

Problem 12.6AP

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