Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. shim company presents its statement of cash flows

Shim Company presents its statement of cash flows using the indirect method. The following accounts...

50.1K

Verified Solution

Question

Accounting

image

image

Shim Company presents its statement of cash flows using the indirect method. The following accounts and corresponding balances were drawn from Shim's 2017 and 2016 year-end balance sheets Account Title Accounts receivable Prepaid rent Interest receivable Accounts payable Salaries payable Unearned revenue 2017 2016 $31,014 1,999 224 10,308 2,659 2,835 $37,217 1,749 179 12,370 3,039 3,780 The income statement reported a $1,360 gain on the sale of equipment, an $670 loss on the sale of land and $3,600 of depreciation expense. Net income for the period was $50,527 Required Prepare the operating activities section of the statement of cash flows. (Amounts to be deducted should be indicated with a minus siqn.) Cash flows from operating activities Plus Less Net cash flow from operating activities

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Please answer the question given below in 300 to 500 words and in paragraph form. In...

Psychology
Q

Design a microcomputer system using a uP 8086 10 Mhz. This system must have a Coprocessor...

Electrical Engineering
Q

During the power stroke of an internal combustion engine, the air-fuel mixture is ignited and the...

Physics
Q

Question 8 Points 2 10 g of NaOH is dissolved in 125 mL water Which...

Biology
Q

Which clues from the sentence below helped you determine the meaning of the word un-...

Biology
Q

Prepare a short report on a company or organization that was recently involved in an...

Biology
Q

A straight rod of length 'a' is made of an unusual material having mass per...

Physics
Q

What happens when a registrant is suspended

Accounting
Q

hw pls help Bramble industries has adopted the following...

Accounting
Q

Last Chance Mine (LCM) purchased a coal deposit for $2,282,400. It estimated it would extract...

Accounting
Q

The following information applies to the questions displayed below Anthony Company uses a perpetual inventory...

Accounting
Q

Please explain all calculations. Thank you, Kramer Corp. began the current period with 4.050...

Accounting