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Question - Using the direct method for computing operating cash flows, compute total net operating cash flows based on the following information from JKL Co's income statement for the year ended 12/31/X1:
Net Sales for the year $86
Cost of goods sold $63
Operating expenses $16
Interest expense $5
Gain on sale of land $8 and its balance sheet as of 12/31/X1:
Increase in accounts receivable 8
Decrease in inventory 8
Increase in prepaid expenses 2
Cash received on issuance of stock 5
Increase in accounts payable 9
Decrease in interest payable 2
1. Compare the GAAP and Non-GAAP data and discuss their impact on the financial statements. 2. Which method best reflects the economic reality?
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