Using the indirect method, prepare the cash flows provided by operating activities section of the statement of cash flows for 2020 (Show amounts that decrease cash flow with either a sign, eg.-15.000 or in parentheses, e.g. (15,000)) Cash flows from operating activities

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Subject: acounting 

Using the indirect method, prepare the cash flows provided by operating activities section of the statement of cash flows for 2020
(Show amounts that decrease cash flow with either a-sign, eg.-15.000 or in parentheses, e.g. (15,000))
Cash flows from operating activities
Net Cash
Transcribed Image Text:Using the indirect method, prepare the cash flows provided by operating activities section of the statement of cash flows for 2020 (Show amounts that decrease cash flow with either a-sign, eg.-15.000 or in parentheses, e.g. (15,000)) Cash flows from operating activities Net Cash
Mallory Michaels, senior accountant for Wildhorse Fashions, has gathered the following balances from the company's general ledger:
December 31, 2019
$65,000
115,406
3,900
51,000
14,000
2,500
Accounts Receivable
Inventories
Prepaid Expenses
Accounts Payable
Accrued Liabilities
Income Taxes Payable
Net Income
Depreciation Expense
Gain on the sale of land i
December 31, 2020
$60,000
119,000
4,500
50,378
13,000
2,700
710.000
66,000
11,000
Using the indirect method, prepare the cash flows provided by operating activities section of the statement of cash flows for 2020.
(Show amounts that decrease cash flow with either a sign, e.g.-15,000 or in parentheses, e.g. (15,0001.)
Transcribed Image Text:Mallory Michaels, senior accountant for Wildhorse Fashions, has gathered the following balances from the company's general ledger: December 31, 2019 $65,000 115,406 3,900 51,000 14,000 2,500 Accounts Receivable Inventories Prepaid Expenses Accounts Payable Accrued Liabilities Income Taxes Payable Net Income Depreciation Expense Gain on the sale of land i December 31, 2020 $60,000 119,000 4,500 50,378 13,000 2,700 710.000 66,000 11,000 Using the indirect method, prepare the cash flows provided by operating activities section of the statement of cash flows for 2020. (Show amounts that decrease cash flow with either a sign, e.g.-15,000 or in parentheses, e.g. (15,0001.)
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