Granger Industries' statement of cash flows for the year ended December 31, 2023, was prepared using the indirect method, and it included the following items: Net income: $175,000 Noncash adjustments: Depreciation expense: $22,000 Increase in accounts receivable: $8,000 Decrease in accounts payable: $5,000 Net cash flows from operating activities: reported revenues from $184,000 Granger Industries reported customers of $230,000 in its 2023 income statement. What amount of cash did Granger Industries receive from customers during the year ended December 31, 2023?

Granger Industries' statement of cash flows for the year ended December 31, 2023, was prepared using the indirect method, and it included the following items: Net income: $175,000 Noncash adjustments: Depreciation expense: $22,000 Increase in accounts receivable: $8,000 Decrease in accounts payable: $5,000 Net cash flows from operating activities: reported revenues from $184,000 Granger Industries reported customers of $230,000 in its 2023 income statement. What amount of cash did Granger Industries receive from customers during the year ended December 31, 2023?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter21: The Statement Of Cash Flows

Section: Chapter Questions

Problem 5RE: In the current year, Harrisburg Corporation had net income of 35,000, a 9,000 decrease in accounts...

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In the current year, Harrisburg Corporation had net income of 35,000, a 9,000 decrease in accounts receivable, a 7,000 increase in inventory, an 8,000 increase in salaries payable, a 13,000 decrease in accounts payable, and 10,000 in depreciation expense. Using the indirect method, prepare the operating activities section of its statement of cash flows based on this information.
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