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Question Content Area Fortune Corporation’s comparative balance sheet showed noncash current assets and liabilities as follows:   Dec. 31, Year 2 Dec. 31, Year 1 Accounts receivable $7,500       $5,200       Merchandise inventory 11,500       16,000       Accounts payable 4,300       5,200       Dividends payable 4,000       3,000         Adjust Year 2 net income of $65,000 for changes in current operating assets and liabilities to arrive at net cash flows from operating activities using the indirect method.$fill in the blank 1

Question Content Area Fortune Corporation’s comparative balance sheet showed noncash current assets and liabilities as follows:   Dec. 31, Year 2 Dec. 31, Year 1 Accounts receivable $7,500       $5,200       Merchandise inventory 11,500       16,000       Accounts payable 4,300       5,200       Dividends payable 4,000       3,000         Adjust Year 2 net income of $65,000 for changes in current operating assets and liabilities to arrive at net cash flows from operating activities using the indirect method.$fill in the blank 1

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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  1. Question Content Area

    Fortune Corporation’s comparative balance sheet showed noncash current assets and liabilities as follows:

      Dec. 31, Year 2 Dec. 31, Year 1
    Accounts receivable $7,500       $5,200      
    Merchandise inventory 11,500       16,000      
    Accounts payable 4,300       5,200      
    Dividends payable 4,000       3,000      

     

    Adjust Year 2 net income of $65,000 for changes in current operating assets and liabilities to arrive at net cash flows from operating activities using the indirect method.

    $fill in the blank 1

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