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Prepare the cash flows from operating activities

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Reference no: EM132719341

Problem - Omicron Inc. reported net income of $120,000 for 20Y2. In addition, the income statement reported $12,000 of depreciation expense and a $15,000 loss on the disposal of equipment. The current operating assets and liabilities from the company's comparative balance sheet are as follows:

 

12/31/20Y2

12/31/20Y1

Increase (Decrease)

Accounts receivable

$18,240

$13,240

$ 5,000 

Accounts payable

11,200

13,200

(2,000)

Required - Prepare the "Cash flows from operating activities" section of the statement of cash flows, using the indirect method.

Reference no: EM132719341

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