Omicron Inc. reported net income of $120,000 for 2020. In addition, the income statement reported...
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Accounting
Omicron Inc. reported net income of $120,000 for 2020. In addition, the income statement reported $12,000 of depreciation expense and a $15,000 loss on the disposal of equipment. The current operating assets and liabilities from the companys comparative balance sheet are as follows:
12/31/2019 12/31/2020 Increase(Decrease)
Accounts receivable $18,240 $13,240 $5,000
Accounts payable 11,200 13,200 (2,000)
Prepare the Cash flows from operating activities section of the statement of cash flows, using the indirect method. (note: you are completing a partial statement of cash flows with this problem.)
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