The comparative statement of financial position for Sheridan Corporation shows th accounts at March 31: Accounts receivable Inventory Accounts payable Dividends payable 2018 $68,000 78,000 34,500 1,200 2017 $40,000 61,000 45,000 2,200 Sheridan's income statement reported the following selected information for the ye $270,000, depreciation expense was $70,000, and a loss on the disposal of land was system. Calculate net cash provided (used) by operating activities using the indirect with either a-sign eg.-15,000 or in parenthesis e.g. (15,000)) SHERIDAN CORPORATION
The comparative statement of financial position for Sheridan Corporation shows th accounts at March 31: Accounts receivable Inventory Accounts payable Dividends payable 2018 $68,000 78,000 34,500 1,200 2017 $40,000 61,000 45,000 2,200 Sheridan's income statement reported the following selected information for the ye $270,000, depreciation expense was $70,000, and a loss on the disposal of land was system. Calculate net cash provided (used) by operating activities using the indirect with either a-sign eg.-15,000 or in parenthesis e.g. (15,000)) SHERIDAN CORPORATION
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:The comparative statement of financial position for Sheridan Corporation shows the following noncash current asset and liability
accounts at March 31:
Accounts receivable
Inventory
Accounts payable
Dividends payable
2018
$68,000
78,000
34,500
1,200
Operating activities
2017
$40,000
61,000
45,000
2,200
Sheridan's income statement reported the following selected information for the year ended March 31, 2018: net income was
$270,000. depreciation expense was $70.000, and a loss on the disposal of land was $10,000. Sheridan uses a perpetual inventory
system. Calculate net cash provided (used) by operating activities using the indirect method. (Show amounts that decrease cash flow
with either a-sign e.g.-15,000 or in parenthesis eg. (15,000))
SHERIDAN CORPORATION
Statement of Cash Flows (Partial)-Indirect Method
Adjustments to reconcile net income to
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