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Problem - The net income reported on the income statement for the year was $55,000, and depreciation of fixed assets for the year was $22,000. The balances of the current asset and current liability accounts at the beginning and end of the year are as follows:
End of Year
Beginning of Year
Cash
$65,000
$70,000
Accounts receivable
100,000
90,000
Inventories
145,000
150,000
Prepaid expenses
7,500
8,000
Accounts payable (merchandise creditors)
51,000
58,000
Required - Find the total amount reported for cash flows from operating activities on the statement of cash flows using the indirect method?
a. $33,000.
b. $55,000.
c. $65,500.
d. $77,000.
Identify the method of calculating cost for the company - Determine if the cost method the company has chosen is most appropriate and explain three (3) reasons
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