FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question
20
Fortune Corporation's comparative balance sheet for current assets and liabilities was as follows: Accounts receivable Inventory Accounts payable Dividends payable Dec. 31, Year 2 Dec. 31, Year 1 $7,369 $4,272 10,246 14,187 3,868 6,191 4,170 2,000 Adjust Year 2 net income of $43,423 for changes in operating assets and liabilities to arrive at cash flows from operating activities using the indirect method.
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Transcribed Image Text:Fortune Corporation's comparative balance sheet for current assets and liabilities was as follows: Accounts receivable Inventory Accounts payable Dividends payable Dec. 31, Year 2 Dec. 31, Year 1 $7,369 $4,272 10,246 14,187 3,868 6,191 4,170 2,000 Adjust Year 2 net income of $43,423 for changes in operating assets and liabilities to arrive at cash flows from operating activities using the indirect method.
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