Calculate cash from operating activities using the indirect method (FOR PUTUL ONLY)
adonnamariah19The following information is from the comparative balance sheets of Discovery Tech Corporation at June 30, 2011 AND 2010
(IN THOUSANDS) AT June 30 2011 2010
Current Assets:
Cash $2,750 $2,115
Accounts Receivable 3,000 2,750
Inventory 1,700 1,025
Prepaid Insurance 270 320
Total Current Assets $7,720 $6,210
Current Liabilitieis
Accounts payable $1,800 $1,750
Salaries Payable $3,750 $3,150
Total Current Liabilities $5,550 $4,900
Net income for the year ended Jan 30, 2011, was $425,000. Depreciation expense of $105,000 was included in the operating expenses for the year.
Requirement
Use the indirect method to prepare the cash from operations section of the statement of cash flows for Discovery Tech Corportation for the year ended June 30, 2011
13 years ago
5
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