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Prepare the cash flows from operating activities

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Question - Following are the income statement and some additional information for Carolina Consulting Company.

All sales were on credit and accounts receivable decreased by $970 in 2018 compared to 2017. Merchandise purchases were on credit with a decrease in accounts payable of $770 during the year. Ending inventory was $570 larger than beginning inventory. Income taxes payable increased $370 during the year. All operating expenses were paid for in cash.

Required - Prepare the cash flows from operating activities section of the statement of cash flows using the direct method.

Reference no: EM132624622

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