Please do not give solution in image format thanku Changes in current assets and current liabilities were as follows:Accounts receivable.InventoryPrepaid expensesAccounts payableDividends payableIncome tax payable$30,24015.9601.680)Adjustments to reconcile profit to10,0804,2003,360Prepare the operating activities section of the cash flow statement using the indirect method. (Show amounts that decrease cash flowwith either a-sign e.g.-15,000 or in parenthesis e.g. (15,000))CULLUMBER LTD.Cash Flow Statement (Partial)-Indirect Methoddecreaseincreaseincreasedecreasedecreasedecrease Cullumber Ltd. is a private company reporting under ASPE. Its income statement and changes in current assets and current liabilitiesfor the year are reported below:CULLUMBER LTD.Income StatementYear Ended November 30, 2024SalesCost of goods soldGross profitOperating expensesDepreciation expenseGain on sale of equipmentProfit before income taxIncome tax expenseProfit for the yearChanges in current assets and current liabilities were as follows:Accounts receivableInventoryPrepaid expenses$260,40042,000(8,400)$30,24015,9601,680$796,320411,600384,720294,00090,72025,200$65,520decreaseincreaseincrease

ULLUMBER LTD CASH FLOW STATMENT PARTICULAR…

Answered: Profit before income tax 90,720

Business

Accounting

Profit before income tax 90,720

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 32BEB

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