The following data are taken from the income statement and balance sheet of Freeman Machinery, Inc. Dec. 31, 2018 Jan. 1, 2018 Income statement: Net Income $385,000 Depreciation Expense 135,000 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 13,000 Accounts Payable (to merchandise suppliers) 379,000 410,000 Accrued Expenses Payable 180,000 155,000 page 603 Using this information, prepare a partial statement of cash flows for the year ended December 31, 2018, showing the computation of net cash flows from operating activities by the indirect method.

The following data are taken from the income statement and balance sheet of Freeman Machinery, Inc. Dec. 31, 2018 Jan. 1, 2018 Income statement: Net Income $385,000 Depreciation Expense 135,000 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 13,000 Accounts Payable (to merchandise suppliers) 379,000 410,000 Accrued Expenses Payable 180,000 155,000 page 603 Using this information, prepare a partial statement of cash flows for the year ended December 31, 2018, showing the computation of net cash flows from operating activities by the indirect method.

Name: The following data are taken from the income statement and balance she
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Description: The following data are taken from the income statement and balance sheet of Freeman Machinery, Inc. Dec. 31, 2018Jan. 1, 2018Income statement: Net Income$385,000 Depreciation Expense135,000 Amortization of Intangible Assets40,000 Gain on Sale of

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter12: Intangibles

Section: Chapter Questions

Problem 10MC

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	Dec. 31, 2018	Jan. 1, 2018
Income statement:
Net Income	$385,000
Depreciation Expense	135,000
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	13,000
Accounts Payable (to merchandise suppliers)	379,000	410,000
Accrued Expenses Payable	180,000	155,000

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