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Profit before income tax 90,720

Profit before income tax 90,720

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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Changes in current assets and current liabilities were as follows: Accounts receivable. Inventory Prepaid expenses Accounts payable Dividends payable Income tax payable $30,240 15.960 1.680) Adjustments to reconcile profit to 10,080 4,200 3,360 Prepare the operating activities section of the cash flow statement using the indirect method. (Show amounts that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis e.g. (15,000)) CULLUMBER LTD. Cash Flow Statement (Partial)-Indirect Method decrease increase increase decrease decrease decrease
Transcribed Image Text:Changes in current assets and current liabilities were as follows: Accounts receivable. Inventory Prepaid expenses Accounts payable Dividends payable Income tax payable $30,240 15.960 1.680) Adjustments to reconcile profit to 10,080 4,200 3,360 Prepare the operating activities section of the cash flow statement using the indirect method. (Show amounts that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis e.g. (15,000)) CULLUMBER LTD. Cash Flow Statement (Partial)-Indirect Method decrease increase increase decrease decrease decrease
Cullumber Ltd. is a private company reporting under ASPE. Its income statement and changes in current assets and current liabilities for the year are reported below: CULLUMBER LTD. Income Statement Year Ended November 30, 2024 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense Gain on sale of equipment Profit before income tax Income tax expense Profit for the year Changes in current assets and current liabilities were as follows: Accounts receivable Inventory Prepaid expenses $260,400 42,000 (8,400) $30,240 15,960 1,680 $796,320 411,600 384,720 294,000 90,720 25,200 $65,520 decrease increase increase
Transcribed Image Text:Cullumber Ltd. is a private company reporting under ASPE. Its income statement and changes in current assets and current liabilities for the year are reported below: CULLUMBER LTD. Income Statement Year Ended November 30, 2024 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense Gain on sale of equipment Profit before income tax Income tax expense Profit for the year Changes in current assets and current liabilities were as follows: Accounts receivable Inventory Prepaid expenses $260,400 42,000 (8,400) $30,240 15,960 1,680 $796,320 411,600 384,720 294,000 90,720 25,200 $65,520 decrease increase increase
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