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Skysong Corporation had the following 2025 income statement. Revenues $103,000 Expenses 66,000 Net income $37,000 In 2025, Skysong had the following activity in selected accounts. 1/1/25 Accounts Receivable Revenues 103,000 Write-offs Collections 21,000 12/31/25 29,100 Write-offs (a) Allowance for Doubtful Accounts 1/1/25 900 Bad debt expense 12/31/25 900 94,000 1,300 1.700 2,100

Skysong Corporation had the following 2025 income statement. Revenues $103,000 Expenses 66,000 Net income $37,000 In 2025, Skysong had the following activity in selected accounts. 1/1/25 Accounts Receivable Revenues 103,000 Write-offs Collections 21,000 12/31/25 29,100 Write-offs (a) Allowance for Doubtful Accounts 1/1/25 900 Bad debt expense 12/31/25 900 94,000 1,300 1.700 2,100

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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Skysong Corporation had the following 2025 income statement. Revenues Expenses Net income In 2025, Skysong had the following activity in selected accounts. 1/1/25 12/31/25 $103,000 66,000 $37,000 Revenues 103,000 Write-offs Collections Write-offs (a) Accounts Receivable 21,000 29,100 Allowance for Doubtful Accounts 1/1/25 900 Bad debt expense 12/31/25 900 94,000 1,300 1,700 2,100 Prepare Skysong's cash flows from operating activities section of the statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis eg. (15,000)) SKYSONG CORPORATION Statement of Cash Flows-Indirect Method (Partial) eTextbook and Medial $
Transcribed Image Text:Skysong Corporation had the following 2025 income statement. Revenues Expenses Net income In 2025, Skysong had the following activity in selected accounts. 1/1/25 12/31/25 $103,000 66,000 $37,000 Revenues 103,000 Write-offs Collections Write-offs (a) Accounts Receivable 21,000 29,100 Allowance for Doubtful Accounts 1/1/25 900 Bad debt expense 12/31/25 900 94,000 1,300 1,700 2,100 Prepare Skysong's cash flows from operating activities section of the statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis eg. (15,000)) SKYSONG CORPORATION Statement of Cash Flows-Indirect Method (Partial) eTextbook and Medial $
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