The comparative statement of financial position for Sheridan Corporation shows the following noncash current asset and liability accounts at March 31: 2024 2023 Accounts receivable $61,000 $49,500 Inventory 75,000 64,500 Accounts payable 32,500 41,000 Dividends payable 1,000 2,000 Sheridan's statement of income reported the following selected information for the year ended March 31, 2024: net income was $270,000, depreciation expense was $60,000, and a loss on the disposal of land was $14,000. 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 e.g. (15,000).) SHERIDAN CORPORATION Statement of Cash Flows (Partial) Adjustments to reconcile net income to $
The comparative statement of financial position for Sheridan Corporation shows the following noncash current asset and liability accounts at March 31: 2024 2023 Accounts receivable $61,000 $49,500 Inventory 75,000 64,500 Accounts payable 32,500 41,000 Dividends payable 1,000 2,000 Sheridan's statement of income reported the following selected information for the year ended March 31, 2024: net income was $270,000, depreciation expense was $60,000, and a loss on the disposal of land was $14,000. 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 e.g. (15,000).) SHERIDAN CORPORATION Statement of Cash Flows (Partial) Adjustments to reconcile net income to $
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:
2024
2023
Accounts receivable
$61,000 $49,500
Inventory
75,000
64,500
Accounts payable
32,500
41,000
Dividends payable
1,000
2,000
Sheridan's statement of income reported the following selected information for the year ended March 31, 2024: net income was
$270,000, depreciation expense was $60,000, and a loss on the disposal of land was $14,000. 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 e.g. (15,000).)
SHERIDAN CORPORATION
Statement of Cash Flows (Partial)
Adjustments to reconcile net income to
$
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