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Computing cash flow items direct method Elite Mobile Homes reported the following in its financial statements for the year ended December 31 2016 Requirements 1 Compute the collections from

Computing cash flow items—direct method Elite Mobile Homes reported the following in its financial statements for the year ended December 31, 2016:

Requirements

1. Compute the collections from customers.

2. Compute payments for merchandise inventory.

3. Compute payments of operating expenses.

4. Compute the acquisitions of property and equipment (no sales of property during 2016).

5. Compute the amount of borrowing, with Elite paying no long-term liabilities.

6. Compute the cash receipt from issuance of common stock.

7. Compute the payment of cash dividends.

Apr 21 2020 View more View Less

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