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Question :
Use the following income statement and information about selected current assets and current liabilities to calculate the net cash provided or used by operating activities using the direct method.
PETERS COMPANY Income Statement For Year Ended December 31, 2010
Sales
$180,000
Cost of goods sold
104.000
Gross profit from sales
$ 76,000
Operating expenses:
Salaries and wages expense
$25,000
Depreciation expense
5,000
Rent expense
7,200
Interest expense
1,900
39,100
Income from operations
$36,900
Gain on sale of land
2 000
Net income
38 900
Selected beginning and ending balances of current asset and current liability accounts, all of which relate to operating activities, are as follows:
Balance
Dec. 31_ 2010
Dec. 31_ 2009
Accounts receivable
$27,600
$24,000
Merchandise inventory
18,200
20,000
Prepaid rent
550
400
Accounts payable
27,100
31,000
Salaries and wages payable
10,400
9,000
Interest payable
300
250
Financial Statement Analysis and Preparation
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