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What is the amount of net cash flows from operating activities reported on the statement of cash flows prepared by the indirect method? a. $244,385 b. $366,753 c. $345,867 d. $162,685

What is the amount of net cash flows from operating activities reported on the statement of cash flows prepared by the indirect method? a. $244,385 b. $366,753 c. $345,867 d. $162,685

FINANCIAL ACCOUNTING
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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The net income reported on the income statement for the current year was $254,276. Depreciation recorded on fixed assets and amortization of patents for the year were $40,850 and $10,443, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows: End Beginning Cash Accounts Receivable Inventories Prepaid Expenses Accounts Payable (merchandise creditors) $40,726 $53,937 a. $244,385 b. $366,753 c. $345,867 d. $162,685 125,434 102,106 107,303 82,765 3,419 52,336 8,462 70,697 What is the amount of net cash flows from operating activities reported on the statement of cash flows prepared by the indirect method?
Transcribed Image Text:The net income reported on the income statement for the current year was $254,276. Depreciation recorded on fixed assets and amortization of patents for the year were $40,850 and $10,443, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows: End Beginning Cash Accounts Receivable Inventories Prepaid Expenses Accounts Payable (merchandise creditors) $40,726 $53,937 a. $244,385 b. $366,753 c. $345,867 d. $162,685 125,434 102,106 107,303 82,765 3,419 52,336 8,462 70,697 What is the amount of net cash flows from operating activities reported on the statement of cash flows prepared by the indirect method?
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