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Prepare the operating activities section of the statement

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Reference no: EM133185072

Question - Paul and Peter Partnership provides specialist financial planning services to its clients. The following information relates to the year just ended:

 

2021

2020

Cash

53,000

26,000

Accounts receivable

56,000

43,000

Prepaid expenses

12,000

10,000

Accounts Payable

34,000

37,000

Sales Revenue 156,000

Operating expenses 105,000

Profit 51,000

Note: Operating expenses include depreciation of $3,000.

Required - Using the direct method, prepare the operating activities section of the statement of cash flows to the period ending 2021. Show all calculations.

Reference no: EM133185072

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