A. A partial balance sheet for orange company is presented below. ...
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A. A partial balance sheet for orange company is presented below. Orange Company Income statement For the year Ended December 31, 2019 Sales $100,000 Cost of goods sold (55,000) Gross Profit $45,000 Operating expenses: Salaries $10,000 Depreciation expense 4,000 Miscellaneous 1,000 (15,000) Net Income $30,000 Orange Company Balance Sheet As at 31st December 2019 2018 2019 $7,000 $5,000 Cash 1,200 1,500 Account receivable 2,500 2,000 Inventories 250 500 Prepaid expenses 2,500 4,500 Furniture 10,000 7,000 Accounts Payable 900 500 Salaries Payable 1,500 2,000 Short term Bank Loan Required: Prepare the operating activities section of the statement of cash flows using indirect method.
A. A partial balance sheet for orange company is presented below.
Orange Company
Income statement
For the year Ended December 31, 2019
Sales $100,000
Cost of goods sold (55,000)
Gross Profit $45,000
Operating expenses:
Salaries $10,000
Depreciation expense 4,000
Miscellaneous 1,000 (15,000)
Net Income $30,000
Orange Company
Balance Sheet
As at 31st December 2019
2018 2019
$7,000 $5,000 Cash
1,200 1,500 Account receivable
2,500 2,000 Inventories
250 500 Prepaid expenses
2,500 4,500 Furniture
10,000 7,000 Accounts Payable
900 500 Salaries Payable
1,500 2,000 Short term Bank Loan
Required: Prepare the operating activities section of the statement of cash flows using indirect method.
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