Problem #14 Cash Flows from Operating Activities-Indirect Method Imara Andam Business Solutions had a profit of P330,000 in 2020. During the year, the entity had depreciation expense of P70,000. Accounts receivable increased by P110,000 and accounts payable increased by P50,000. The entity started operations in 2020 and the foregoing are the entity's only current assets and current liabilities. Required: Determine the net cash flows from operating activities using the indirect method.

Problem #14 Cash Flows from Operating Activities-Indirect Method Imara Andam Business Solutions had a profit of P330,000 in 2020. During the year, the entity had depreciation expense of P70,000. Accounts receivable increased by P110,000 and accounts payable increased by P50,000. The entity started operations in 2020 and the foregoing are the entity's only current assets and current liabilities. Required: Determine the net cash flows from operating activities using the indirect method.

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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