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the income statement and other selected data for the Boyer Company are shown below:
BOYER COMPANYIncome StatementFor Year Ended December 31, 2002
Sales
$19,000
Operating expenses:
Depreciation expense
$ 2,300
Other operating expenses
12,000
14,300
Operating income
4,700
Loss on sale of land
1,500
Income before tax expense
3,200
Tax expense
1,000
Net income
$2,200
Supplemental information:
a. Dividends declared and paid
$ 800
b. Land purchased
3,000
c. Land sold
500
d. Equipment purchased
2,000
e. Bonds payable retired
f. Common stock sold
1,400
g. Land acquired in exchange for common stock
h. Increase in accounts receivable
400
i. Increase in inventories
800
j. Increase in accounts payable
k. Decrease in income taxes payable
Required a. Prepare a schedule of change from an accrual basis to a cash basis income statement.
b. Using the schedule of change from accrual basis to cash basis income statement computed in (a), present the cash provided by operations, using (1) the direct approach and (2) the indirect approach.
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