Speedy Industries began 2018 with accounts receivable, inventory, and prepaid expenses totaling $46,000 and its total current liabilities totaling $20,000. At the end of the year, these same current assets totaled $62,000, while its total current liabilities totaled $32,000. Net income for the year was $83,000. Included in net income were a $3,000 loss on the sale of land and depreciation expense of $7,000. Show how Speedy should report cash flows from operating activities for 2018. The company uses the indirect method. (Use parentheses or a minus sign for numbers to be subtracted and for a net decrease in cash.) Cash flows from operating activities: Adjustments to reconcile net income to net cash provided by (used for) operating activities: Net cash provided by (used for) operating activities Choose from any list or enter any number in the input fields and then click Check Answer.
Speedy Industries began 2018 with accounts receivable, inventory, and prepaid expenses totaling $46,000 and its total current liabilities totaling $20,000. At the end of the year, these same current assets totaled $62,000, while its total current liabilities totaled $32,000. Net income for the year was $83,000. Included in net income were a $3,000 loss on the sale of land and depreciation expense of $7,000. Show how Speedy should report cash flows from operating activities for 2018. The company uses the indirect method. (Use parentheses or a minus sign for numbers to be subtracted and for a net decrease in cash.) Cash flows from operating activities: Adjustments to reconcile net income to net cash provided by (used for) operating activities: Net cash provided by (used for) operating activities Choose from any list or enter any number in the input fields and then click Check Answer.
Chapter1: Financial Statements And Business Decisions
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Speedy Industries began 2018 with accounts receivable, inventory, and prepaid expenses totaling $46,000 and its total
current liabilities totaling $20,000. At the end of the year, these same current assets totaled $62,000, while its total current
liabilities totaled $32,000. Net income for the year was $83,000. Included in net income were a $3,000 loss on the sale of
land and depreciation expense of $7,000.
Show how Speedy should report cash flows from operating activities for 2018. The company uses the indirect method. (Use
parentheses or a minus sign for numbers to be subtracted and for a net decrease in cash.)
Cash flows from operating activities:
Adjustments to reconcile net income to net cash
provided by (used for) operating activities:
Net cash provided by (used for) operating activities
Choose from any list or enter any number in the input fields and then click Check Answer.
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