Question
Partial balance sheets and additional information are listed below for Sowell Company. Sowell Company Partial Balance...
Partial balance sheets and additional information are listed below for Sowell Company. Sowell Company Partial Balance Sheets as of December 31 2018 2017 Assets Cash $ 50,000 $ 29,000 Accounts receivable 79,000 95,000 Inventory 50,000 44,000 Liabilities Accounts payable $ 63,000 $ 72,000 Additional information for 2018: Net income was $98,000. Depreciation expense was $24,000. Required: Prepare the operating activities section of the statement of cash flows for 2018 using the indirect method. (Amounts to be deducted should be indicated with a minus sign.)
Answers
Cash flows from operating activities: Net income 98000 Adjustment for noncash effects: Depreciation expense 24000 Decrease in accounts receivable 16000 Increase in inventory -6000 Decrease in accounts payable -9000 Net cash flows from operating activities 123000
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