Maurice Tutor

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Teaching Since: May 2017
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Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 19 Aug 2017 My Price 12.00

Operating Activities

Cash flows from operating activities—indirect   method

 

The income statement disclosed the following items for   2016:

 

 

 

 

 

 

Depreciation expense

$  57,600

Gain on disposal of equipment

33,600

Net income

508,000

 
 

 

Balances of the current assets and current liability accounts changed between Decem- ber 31, 2015, and December 31, 2016, as    follows:

 

 

 

Increase (Decrease)

Accounts receivable

$8,960

Inventory

(5,120)

Prepaid insurance

(1,920)

Accounts payable

(6,080)

Income taxes payable

1,410

Dividends payable

2,200

 

a.     Prepare the Cash Flows from Operating Activities section of the statement of cash flows, using the indirect method.

b.    Briefly explain why net cash flows from operating activities is different than net income.

 

 

 

Answers

Maurice Tutor
(5)
Status NEW Posted 19 Aug 2017 10:08 PM My Price 12.00

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