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Required: Present the operating activities section of the statement of cash flows for Guy's Gear Company using the indirect method.

Required: Present the operating activities section of the statement of cash flows for Guy's Gear Company using the indirect method.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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25.

The following information pertains to Guy's Gear Company: Sales $77,000 Expenses: Cost of Goods Sold Depreciation Expense Salaries and Wages Expense $48,500 5,700 11,700 65,900 $11,100 Net Income Accounts Receivable Decrease $ 3,700 Inventory Increase Salaries and Wages Payable Increase 7,700 720 Required: Present the operating activities section of the statement of cash flows for Guy's Gear Company using the indirect method. (Amounts to be deducted should be indicated with a minus sign.) GUY'S GEAR COMPANY Cash Flows from Operating Activities-Indirect Method Adjustments to Reconcile Net Income to Cash Provided by Operating Activities Changes in Current Assets and Current Liabilities
Transcribed Image Text:The following information pertains to Guy's Gear Company: Sales $77,000 Expenses: Cost of Goods Sold Depreciation Expense Salaries and Wages Expense $48,500 5,700 11,700 65,900 $11,100 Net Income Accounts Receivable Decrease $ 3,700 Inventory Increase Salaries and Wages Payable Increase 7,700 720 Required: Present the operating activities section of the statement of cash flows for Guy's Gear Company using the indirect method. (Amounts to be deducted should be indicated with a minus sign.) GUY'S GEAR COMPANY Cash Flows from Operating Activities-Indirect Method Adjustments to Reconcile Net Income to Cash Provided by Operating Activities Changes in Current Assets and Current Liabilities
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