DO NOT GIVE SOLUTION IN IMAGE The comparative statement of financial position for Sheridan Corporation shows the following noncash current asset and liabilityaccounts at March 31:Accounts receivableInventoryAccounts payableDividends payable2018$68,00078,00034,5001,200Operating activities2017$40,00061,00045,0002,200Sheridan'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 inventorysystem. Calculate net cash provided (used) by operating activities using the indirect method. (Show amounts that decrease cash flowwith either a-sign e.g.-15,000 or in parenthesis eg. (15,000))SHERIDAN CORPORATIONStatement of Cash Flows (Partial)-Indirect MethodAdjustments to reconcile net income to

CASH FLOW STATEMENTCash flow statement provides additional information to user of financial…

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

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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