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E17-9 Hip Dance Academy Ltd.'s year-end is February 28. The accounting records at March 31,...

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Accounting

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E17-9 Hip Dance Academy Ltd.'s year-end is February 28. The accounting records at March 31, 2020, include the selected accounts shown below. Mar. 1 Collections Mar 31 Cash 75,000 Dividend 126,000 Payments 39,000 24,000 138,000 Mar 1 Sales Mar. 31 Accounts Receivable 54,000 228,000 Collections 156,000 126,000 Music Equipment Mar. 1 Purchases Mar 31 279,000 Shoe Inventory 57,000 111,000 Cost of sales 108,000 60,000 Mar. 1 Mar. 31 279,000 Accumulated Amortization-Music Equipment Mar. 1 78,000 Amortization 9,000 Mar. 31 87,000 Payments Accounts Payable Mar. 1 96,000 Purchases Mar. 31 42,000 111,000 57,000 Accrued Liabilities Mar. 1 42,000 Expenses Mar. 31 27,000 33,000 18,000 Payments Retained Earnings Mar. 1 24,000 Net income Mar. 31 Quarterly dividend 192,000 69,000 237,000 Required 1. Compute Hip Dance Academy Ltd.'s net cash inflow or outflow from operating activities during the month ended March 31, 2020. Use the indirect method. 2. Does the business have trouble collecting receivables or selling inventory? How can you tell? 3 Computing cash flows from operating activities-indirect method

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