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Belnap Company has provided the following partial comparative balance sheets and the income statement for 20X2. Belnap Company Comparative Balance Sheets At December 31, 20X1 and 20X2 20X1 20X2 Current assets: Accounts receivable $140,000 $112,600 Inventories 50,000 24,000 Current liabilities: Accounts payable 120,000 95,000 Belnap Company Income Statement For the Year Ended December 31, 20X2 Revenues $480,000 Gain on sale of equipment 20,000 Cost of goods sold (260,000) Depreciation expense (50,000) Interest expense (10,000)

Belnap Company has provided the following partial comparative balance sheets and the income statement for 20X2. Belnap Company Comparative Balance Sheets At December 31, 20X1 and 20X2 20X1 20X2 Current assets: Accounts receivable $140,000 $112,600 Inventories 50,000 24,000 Current liabilities: Accounts payable 120,000 95,000 Belnap Company Income Statement For the Year Ended December 31, 20X2 Revenues $480,000 Gain on sale of equipment 20,000 Cost of goods sold (260,000) Depreciation expense (50,000) Interest expense (10,000)

FINANCIAL ACCOUNTING
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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Compute operating cash flows using the direct method.

Belnap Company has provided the following partial comparative balance sheets and the income statement for 20X2. Belnap Company Comparative Balance Sheets At December 31, 20X1 and 20X2 20X1 20X2 Current assets: Accounts receivable $140,000 $112,600 Inventories 50,000 24,000 Current liabilities: Accounts payable 120,000 95,000 Belnap Company Income Statement For the Year Ended December 31, 20X2 Revenues $480,000 Gain on sale of equipment 20,000 Cost of goods sold (260,000) Depreciation expense (50,000) Interest expense (10,000)
Transcribed Image Text:Belnap Company has provided the following partial comparative balance sheets and the income statement for 20X2. Belnap Company Comparative Balance Sheets At December 31, 20X1 and 20X2 20X1 20X2 Current assets: Accounts receivable $140,000 $112,600 Inventories 50,000 24,000 Current liabilities: Accounts payable 120,000 95,000 Belnap Company Income Statement For the Year Ended December 31, 20X2 Revenues $480,000 Gain on sale of equipment 20,000 Cost of goods sold (260,000) Depreciation expense (50,000) Interest expense (10,000)
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