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showing the computation of net cash flows from operating activities

 
Income statement                                                          Dec.31,2007           Jan.1, 2007
 
Net income.................................................................$385,000
 
Depreciation Expense.................................................... 125,000
 
Amortization of Intangible assets......................................40,000
 
Gain on Sale of Plant Assets.............................................90,000
 
Loss on Sale of Investments..............................................35,000
Balance sheet
Accounts Receivable.......................................................$335,000         $380,000
 
Inventory......................................................................... 503,000            575,000
 
prepaid expenses.............................................................   22,000              10,000
 
Accounts Payable(to merchandise suppliers)..................... 379,000            410,000
 
Accrued Expenses payable............................................... 180,000            155,000
 
Prepare a partial statement of cash flows for the yearended December 31, 2007, showing the computation of net cash flows from operating activities by the indirect method

May 02 2018 View more View Less

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