Solution-Prepare a correct presentation using the indirect

Prepare a correct presentation using the indirect approach

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Reference no: EM132035397

Question - The accountant for Rimmerex Corporation used a spreadsheet to prepare information needed to prepare the statement of cash flows for the year ending December 31, 20X5. However, the data were accidentally sorted alphabetically into the following listing of items. To compound the problem, the "add" and "subtract" notations for each line item were also deleted. Review the information, and prepare a correct presentation, using the indirect approach. The beginning cash balance was $63,800, and the ending cash balance was $415,000.

Bought building by issuing common stock	$850,000
Decrease in accounts payable	34,000
Decrease in accounts receivable	21,000
Depreciation expense	68,000
Dividends on common	50,000
Gain on sale of land	20,000
Increase in income taxes payable	7,000
Increase in inventory	27,800
Increase in prepaid insurance	3,000
Net income	215,000
Purchase of equipment	75,000
Repayment of long-term note payable	180,000
Sale of land	430,000

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Reference no: EM132035397

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Prepare a correct presentation using the indirect approach

Reference no: EM132035397

Reference no: EM132035397

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