Cash flows from operating activities—indirect method
The income statement disclosed the following items for the year:
Depreciation expense | $ 57,600 |
Gain on disposal of equipment | 33,600 |
Net income | 508,000 |
The changes in the current asset and liability accounts for the year are as follows:
Increase (Decrease) |
|
Accounts receivable | $ 8,960 |
Inventory | (5,120) |
Prepaid insurance | (1,920) |
Accounts payable | (6,080) |
Income taxes payable | 1,410 |
Dividends payable | 2,200 |
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