Morera Company's net income last year was P37,000 and cash dividends declared and paid to the company's stockholders totaledP14,000. Changes in selected balance sheet accounts for the year appear below:Increases(Decreases)Debit balances:Accounts receivableP 6,000Inventory . 5,000Prepaid expenses(3,000)Long term investments . 20,000Credit balances:Accumulated depreciation . 26,000Accounts payableTaxes payable . 8,000.. (7,000)Based solely on this information, the net cash provided by operations under the indirect method on the statement of cash flowswould be:

Morera Company's net income last year was P37,000 and cash dividends declared and paid to the company's stockholders totaled P14,000. Changes in selected balance sheet accounts for the year appear below: Increases (Decreases) Debit balances: Accounts receivable. P 6,000 Inventory . 5,000 Prepaid expenses Long term investments . 20,000 Credit balances: Accumulated depreciation. 26,000 Accounts payable . (7,000) Taxes payable .- (3,000) 8,000 Based solely on this information, the net cash provided by operations under the indirect method on the statement of cash flows

Morera Company's net income last year was P37,000 and cash dividends declared and paid to the company's stockholders totaled P14,000. Changes in selected balance sheet accounts for the year appear below: Increases (Decreases) Debit balances: Accounts receivable. P 6,000 Inventory . 5,000 Prepaid expenses Long term investments . 20,000 Credit balances: Accumulated depreciation. 26,000 Accounts payable . (7,000) Taxes payable .- (3,000) 8,000 Based solely on this information, the net cash provided by operations under the indirect method on the statement of cash flows

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter6: Statement Of Cash Flows

Section: Chapter Questions

Problem 18E

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