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Prepare the operating activities section of the statement of cash flows using the indirect method. When completed correctly, there will be one blank row above the Net cash flows from operating activities row. (Amounts to be deducted and negative values should be indicated by minus sign.)

Prepare the operating activities section of the statement of cash flows using the indirect method. When completed correctly, there will be one blank row above the Net cash flows from operating activities row. (Amounts to be deducted and negative values should be indicated by 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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A company reports the following: Net income of $96,200 Depreciation Expense of $52,000 Increase in Prepaid Rent of $38,800 Increase in Accounts Payable of $23,900 Increase in Income Tax Payable of $20,800 Prepare the operating activities section of the statement of cash flows using the indirect method. When completed correctly, there will be one blank row above the Net cash flows from operating activities row. (Amounts to be deducted and negative values should be indicated by minus sign.) A Company Statement of Cash Flows (partial) Cash Flows from Operating Activities Adjustments to reconcile net income to net cash flows from operating activities Net cash flows from operating activities
Transcribed Image Text:A company reports the following: Net income of $96,200 Depreciation Expense of $52,000 Increase in Prepaid Rent of $38,800 Increase in Accounts Payable of $23,900 Increase in Income Tax Payable of $20,800 Prepare the operating activities section of the statement of cash flows using the indirect method. When completed correctly, there will be one blank row above the Net cash flows from operating activities row. (Amounts to be deducted and negative values should be indicated by minus sign.) A Company Statement of Cash Flows (partial) Cash Flows from Operating Activities Adjustments to reconcile net income to net cash flows from operating activities Net cash flows from operating activities
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