Reference no: EM132493991
The income statement for Strait Horn Inc., a publicly traded company following IFRS, is presented here:
Strait Horn Inc.
Income Statement
Year Ended December 31, 2019
Sales $5,200,000
Cost of Goods Sold $3,155,000
Gross Profit $2,045,000
Operating Expenses $1,025,000
Profit from Operations $1,020,000
Interest Expense $120,000
Profit before Income Taxes $900,000
Income Taxes $230,000
Profit $670,000
Additional Information:
1. Operating expenses include $50,000 of depreciation expense and a $45,000 impairment loss on property, plant and equipment.
2. Accounts Receivable increased by $100,000
3. Merchandise Inventory increased by $45,000
4. Prepaid expenses related to operating expenses increased by $35,000
5. Accounts Payable to suppliers of merchandise decreased by $90,000
6. Accrued liabilities related to operating expenses decreased by $55,000
7. Interest Payable increased by $55,000
8. Income tax payable increased by $35,000
Required:
Question 1: Prepare the operating activities section of the statement of cash flows using the Indirect Method.
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: Prepare the operating activities section of the statement of cash flows using the Indirect Method. The income statement for Strait Horn Inc
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