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CULLUMBER INC. Income Statement Year Ended October 31, 2024 Sales $812,500 Cost of goods sold 507,000 Gross profit 305,500 Operating expenses $114,400 Depreciation expense 29,900 Loss on sale of equipment 10,400 154,700 Profit before income taxes 150,800 Income tax expense 37,700 Profit for the year $113,100 Prepare the operating activities section of the cash flow statement using the indirect method. (Show amounts that decrease cash flow with either a-sign eg.-15,000 or in parenthesis e.g. (15,000).)

CULLUMBER INC. Income Statement Year Ended October 31, 2024 Sales $812,500 Cost of goods sold 507,000 Gross profit 305,500 Operating expenses $114,400 Depreciation expense 29,900 Loss on sale of equipment 10,400 154,700 Profit before income taxes 150,800 Income tax expense 37,700 Profit for the year $113,100 Prepare the operating activities section of the cash flow statement using the indirect method. (Show amounts that decrease cash flow with either a-sign eg.-15,000 or in parenthesis e.g. (15,000).)

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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CULLUMBER INC. Income Statement Year Ended October 31, 2024 Sales $812,500 Cost of goods sold 507,000 Gross profit 305,500 Operating expenses $114,400 Depreciation expense 29,900 Loss on sale of equipment 10,400 154,700 Profit before income taxes 150,800 Income tax expense 37,700 Profit for the year $113,100 Prepare the operating activities section of the cash flow statement using the indirect method. (Show amounts that decrease cash flow with either a-sign eg.-15,000 or in parenthesis e.g. (15,000).)
Transcribed Image Text:CULLUMBER INC. Income Statement Year Ended October 31, 2024 Sales $812,500 Cost of goods sold 507,000 Gross profit 305,500 Operating expenses $114,400 Depreciation expense 29,900 Loss on sale of equipment 10,400 154,700 Profit before income taxes 150,800 Income tax expense 37,700 Profit for the year $113,100 Prepare the operating activities section of the cash flow statement using the indirect method. (Show amounts that decrease cash flow with either a-sign eg.-15,000 or in parenthesis e.g. (15,000).)
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