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Use the following information and the indirect method to calculate the net cash provided or used by operating activities for Lomax Inc.: Item Net income Depreciation expense Payment on notes payable Gain on sale of equipment Increase in accounts receivable Amount $18,400 $12,500 $10,000 $6,800 $5,200 Increase in accrued expenses payable $7,600 Proceeds from the sale of equipment $9,000

Use the following information and the indirect method to calculate the net cash provided or used by operating activities for Lomax Inc.: Item Net income Depreciation expense Payment on notes payable Gain on sale of equipment Increase in accounts receivable Amount $18,400 $12,500 $10,000 $6,800 $5,200 Increase in accrued expenses payable $7,600 Proceeds from the sale of equipment $9,000

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter11: The Statement Of Cash Flows
Section: Chapter Questions
Problem 29BE
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Use the following information and the indirect method to calculate the net cash provided or used by operating activities for Lomax Inc.: Item Net income Depreciation expense Payment on notes payable Gain on sale of equipment Increase in accounts receivable Amount $18,400 $12,500 $10,000 $6,800 $5,200 Increase in accrued expenses payable $7,600 Proceeds from the sale of equipment $9,000
Transcribed Image Text:Use the following information and the indirect method to calculate the net cash provided or used by operating activities for Lomax Inc.: Item Net income Depreciation expense Payment on notes payable Gain on sale of equipment Increase in accounts receivable Amount $18,400 $12,500 $10,000 $6,800 $5,200 Increase in accrued expenses payable $7,600 Proceeds from the sale of equipment $9,000
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