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Ex 7- 46 Receivables and the Statement of Cash Flows The following selected information is...

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Accounting

Ex 7- 46

Receivables and the Statement of Cash Flows

The following selected information is provided for Lynez Company. All sales are credit sales and all receivables are trade receivables.

Accounts receivable, January 1 net balance125,000

Accounts receivable, December 31, net balance 165,000

Sales for the year800,000

Uncollectable accounts written off during the year.. 14,000

Bad Debt expense for the year 24,000

Cash expenses for the year681,000

Net Income for the year 95,000

Using the format illustrated in the chapter and the preceding information, answer the following questions:

1, Using the direct method, what is the net cash flow from operations that Lynez Company would report in its statement of cash flows?

2, Assuming the use of the indirect method what adjustments to net income would be required in reporting net cash flow from operations?

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