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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881

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BuyFindarrow_forward

Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem
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CONTINUING PROBLEM: FRONT ROW ENTERTAINMENT

The income statement and comparative balance sheet for Front Row Entertainment are shown below:

Chapter 11, Problem 67.1C, CONTINUING PROBLEM: FRONT ROW ENTERTAINMENT The income statement and comparative balance sheet for , example  1

Chapter 11, Problem 67.1C, CONTINUING PROBLEM: FRONT ROW ENTERTAINMENT The income statement and comparative balance sheet for , example  2

Require:

Prepare a statement of cash flows using the indirect method.

To determine

Cash flow is the simple statement which shows the cash inflow or outflow from the company.

And cash flow also shows that what types of cash inflow or outflows. In the cash flow statement there are three types of activity which as follows

  1. Operating activity
  2. Investing activity
  3. Financial activity

To compute:

Prepare the cash flow statement using the indirect method.

Explanation

Income tax payable accounts

Particular Amount ($) Particular Amount ($)
Bank (paid)

Balance c/d

23630

550

Balance b/d

Income statement

2180

22000

Building account

Particular Amount ($) Particular

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