FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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The accounting records of MVD Sales, Inc. include the following accounts:
(Click the icon to view the accounts.)
Compute MVD's net cash provided by (used for) operating activities during July 2016. Use the indirect method. (Use parentheses or a minus sign for numbers to be
subtracted and to show net cash used for operating activities. If a box is not used in the table leave the box empty; do not select a label or enter a zero.)
MVD Sales, Inc.
Statement of Cash Flows (Partial)
For the Month Ended July 2016
Cash Flows from Operating Activities:
Net Income
Adjustments to Reconcile Net Income to Net Cash
Provided by (Used for) Operating Activities:
Net Cash Provided by (Used for) Operating Activities
Account
Cash
Accounts Receivable
Merchandise Inventory
Accounts Payable
Beginning Balance
$ 5,500
19,000
17,000
13,000
Accumulated Depreciation-
Equipment
50,000 Jul. 1
3,000 Depr. Exp.
53,000 Jul. 31
Dividends
Ending Balance
$ 3,500
15,500
21,000
17,500
Retained Earnings
20,000
65,000 Jul. 1
64,000 Net Inc.
109,000 Jul. 31
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Transcribed Image Text:The accounting records of MVD Sales, Inc. include the following accounts: (Click the icon to view the accounts.) Compute MVD's net cash provided by (used for) operating activities during July 2016. Use the indirect method. (Use parentheses or a minus sign for numbers to be subtracted and to show net cash used for operating activities. If a box is not used in the table leave the box empty; do not select a label or enter a zero.) MVD Sales, Inc. Statement of Cash Flows (Partial) For the Month Ended July 2016 Cash Flows from Operating Activities: Net Income Adjustments to Reconcile Net Income to Net Cash Provided by (Used for) Operating Activities: Net Cash Provided by (Used for) Operating Activities Account Cash Accounts Receivable Merchandise Inventory Accounts Payable Beginning Balance $ 5,500 19,000 17,000 13,000 Accumulated Depreciation- Equipment 50,000 Jul. 1 3,000 Depr. Exp. 53,000 Jul. 31 Dividends Ending Balance $ 3,500 15,500 21,000 17,500 Retained Earnings 20,000 65,000 Jul. 1 64,000 Net Inc. 109,000 Jul. 31
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