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Principles of Accounting Volume 1

19th Edition
OpenStax
Publisher: OpenStax College
ISBN: 9781947172685

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FindFindarrow_forward

Principles of Accounting Volume 1

19th Edition
OpenStax
Publisher: OpenStax College
ISBN: 9781947172685
Chapter 16, Problem 13PA
Textbook Problem
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Use the following excerpts from Fromera Company’s financial information to prepare the operating section of the statement of cash flows (direct method) for the year 2018.

Chapter 16, Problem 13PA, Use the following excerpts from Fromera Companys financial information to prepare the operating

To determine

Concept introduction:

Cash Flow statement:

It shows the movement of cash during a particular period. The Cash flows are categorized into three types of activities i.e., cash flows from operating, investing and financing activities.

(Note: Cash flows from operating activities can be prepared using direct or indirect method)

To prepare:

The operating section of the statement of cash flows using direct method.

Explanation of Solution

The operating section of the statement of cash flows using direct method is prepared as follows:

Cash flow from Operating activities:
Collection from Customers $ 297,100
Payments to Suppliers $ (133,550)
Payments of Expenses $ (27,250)
Net Cash Provided by Operating activities $ 136,300
Working Notes:
Collection from Customers:
Net Sales $ 299,000
Add: Beginni...

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Chapter 16 Solutions

Principles of Accounting Volume 1
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