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Sheffield Corp. reported net income of $193,100 for 2019. Sheffield also reported depreciation expense of $45,100 and a loss of $6,300 on the disposal of plant assets. The comparative balance sheet shows a decrease in accounts receivable of $19,600 for the year, a $21,600 increase in accounts payable, and a $3,400 decrease in prepaid expenses.   Prepare the operating activities section of the statement of cash flows for 2019. Use the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)

Sheffield Corp. reported net income of $193,100 for 2019. Sheffield also reported depreciation expense of $45,100 and a loss of $6,300 on the disposal of plant assets. The comparative balance sheet shows a decrease in accounts receivable of $19,600 for the year, a $21,600 increase in accounts payable, and a $3,400 decrease in prepaid expenses.   Prepare the operating activities section of the statement of cash flows for 2019. Use the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter21: The Statement Of Cash Flows
Section: Chapter Questions
Problem 5RE: In the current year, Harrisburg Corporation had net income of 35,000, a 9,000 decrease in accounts...
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Sheffield Corp. reported net income of $193,100 for 2019. Sheffield also reported depreciation expense of $45,100 and a loss of $6,300 on the disposal of plant assets. The comparative balance sheet shows a decrease in accounts receivable of $19,600 for the year, a $21,600 increase in accounts payable, and a $3,400 decrease in prepaid expenses.

 

Prepare the operating activities section of the statement of cash flows for 2019. Use the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)

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