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The beginning and ending balances of certain accounts in a company's balance sheet are as follows:
Beginning Balance
Ending Balance
Changes
Accounts Receivable
$500,000
$465,000
($35,000)
Inventory
$780,000
$860,000
$80,000
Prepaid Expenses
$110,000
$105,000
($5,000)
Accounts Payable
$350,000
$325,000
($25,000)
Accrued Expenses Payable
$165,000
$175,000
$10,000
The business records $145,000 depreciation expense for the year and its net income is $258,000 for the year. Determine its cash flow from operating activities for the year. Present your answer in the indirect format for cash flow from operating activities in the statement of cash flows.
For the fiscal year, sales were $3,570,000, sales discounts were $320,000, sales returns and allowances were $240,000, and the cost of merchandise sold was $2,142,000. What was the amount of net sales and gross profit?
The machinery was sold on May 1, 2013 at a gain of $12,000. How much cash did Sutherland receive from sale of the machinery?
Which of the following adjustments to convert net income to net cash provided by operating activities is not added to net income?
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