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Partial balance sheets and additional information are listed below for Sowell Company. Sowell Company Partial Balance Sheets as of December 31 Assets Cash Accounts receivable Inventory Liabilities Accounts payable Additional information for 2024: 2023 $ 20,000 $ 40,000 70,000 85,000 35,000 40,000 $ 54,000 $ 62,000 Net income was $88,000. Depreciation expense was $19,000. 2024 Required: Prepare the operating activities section of the statement of cash flows for 2024 using the indirect method. Note: Amounts to be deducted should be indicated with a minus sign.

Partial balance sheets and additional information are listed below for Sowell Company. Sowell Company Partial Balance Sheets as of December 31 Assets Cash Accounts receivable Inventory Liabilities Accounts payable Additional information for 2024: 2023 $ 20,000 $ 40,000 70,000 85,000 35,000 40,000 $ 54,000 $ 62,000 Net income was $88,000. Depreciation expense was $19,000. 2024 Required: Prepare the operating activities section of the statement of cash flows for 2024 using the indirect method. Note: Amounts to be deducted should be indicated with a minus sign.

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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Partial balance sheets and additional information are listed below for Sowell Company. Sowell Company Partial Balance Sheets as of December 31 Assets Cash Accounts receivable Inventory Liabilities Accounts payable Additional information for 2024: 2023 $ 20,000 $ 40,000 70,000 85,000 35,000 40,000 $ 54,000 $ 62,000 Net income was $88,000. Depreciation expense was $19,000. 2024 Required: Prepare the operating activities section of the statement of cash flows for 2024 using the indirect method. Note: Amounts to be deducted should be indicated with a minus sign.
Transcribed Image Text:Partial balance sheets and additional information are listed below for Sowell Company. Sowell Company Partial Balance Sheets as of December 31 Assets Cash Accounts receivable Inventory Liabilities Accounts payable Additional information for 2024: 2023 $ 20,000 $ 40,000 70,000 85,000 35,000 40,000 $ 54,000 $ 62,000 Net income was $88,000. Depreciation expense was $19,000. 2024 Required: Prepare the operating activities section of the statement of cash flows for 2024 using the indirect method. Note: Amounts to be deducted should be indicated with a minus sign.
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