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Question - Sheridan Corporation had the following 2020 income statement.
Revenues $95,000
Expenses 63,000
32,000
In 2020, Sheridan had the following activity in selected accounts.
Accounts Receivable 1/1/20 20,000
Revenues 95,000
12/31/20 22,100
Write-offs 900
Collections 92,000
Allowance for Doubtful Accounts Write-offs 900
1/1/20 1,200
Bad debt expense 1,900
12/31/20 2,200
Required -
(a) Prepare Sheridan's cash flows from operating activities section of the statement of cash flows using the direct method.
(b) Prepare Sheridan's cash flows from operating activities section of the statement of cash flows using the indirect method.
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