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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881

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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem
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Preparing a Statement of Cash Flows

Volusia Company reported the following comparative balance sheets for 2019:

Chapter 11, Problem 55PSB, Preparing a Statement of Cash Flows Volusia Company reported the following comparative balance

Required:

Prepare a statement of cash flows for Volusia using the indirect method to compute net cash flow from operating activities.

To determine

A cash flow statement is a budget report that gives total information in regard to all cash inflows an organization gets from its continuous tasks and outside venture sources, just as all cash outflows that compensation for business activities and speculations amid a given period.

To compute:

Prepare a statement of cash flows for Volusia using the indirect method to compute net cash flow from operating activity.

Explanation

In the books of Volusia

Cash flow statement of operating activity

Particular Detail ($) Amount ($)
Net income as per income statement 18300
Loss on sale of long-term investment 1500
Depreciation expense 24800 26300
Operating profit before working capital 44600
Add: decrea...

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