Use the following selected date and additional information

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Use the following selected date and additional information from the records of Hitchcock Corporation to answer the question that follows.

  • Balance Sheet Data 2004 2003
    • Accounts Receivable $50,000 $40,000
    • Inventories 32,000 25,000
    • Prepaid Rent 11,000 5,000
    • Accounts payable 23,000 20,000
    • Salaries payable 19,000 15,000
    • Taxes payable 8,000 11,000
  • Income Statement Data 2004
    • Depreciation Expense 6,000
    • Net Income 50,000

Required: Prepare the Operating Activities section of the Statement of Cash Flows for the year ended 2004. Use the INDIRECT Method.

 

Reference no: EM13576323

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