Yeoman Inc. reported the following data:Net income$373,300Depreciation expense74,600Loss on disposal of equipment38,800Increase in accounts receivable12,500Increase in accounts payable11,900Prepare the Cash Flows from (used for) Operating Activities section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments.

Answered: Yeoman Inc. reported the following…

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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Yeoman Inc. reported the following data:

Net income	$373,300
Depreciation expense	74,600
Loss on disposal of equipment	38,800
Increase in accounts receivable	12,500
Increase in accounts payable	11,900

Prepare the Cash Flows from (used for) Operating Activities section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments.

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Step 1 Introduction

The question is based on the concept of Cash flow statement.

Cash flow statement is the statement that shows the flow of cash in an entity through operating, investing , and financing activity during a particular period.

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