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Prepare the cash flows from operating activities section of

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Reference no: EM13574016

The income statement and selected balance sheet information for Fudnuddler Corporation for the year ended December 31, 2014 is presented below.

Income Statement
  Sales Revenue $ 300,000
  Gain on Sale of Equipment
25,000
  Expenses:


     Cost of Goods Sold
180,000
     Depreciation Expense
20,000
     Salaries Expense
30,000
     Rent Expense
12,000
     Insurance Expense
12,000
     Interest Expense
11,000
     Utilities Expense
10,000




  Net Income $ 50,000





Selected Balance Sheet Accounts

2013 2014
  Accounts Receivable
15,000

10,000
  Merchandise Inventory
20,000

22,000
  Prepaid Rent
1,000

0
  Accounts Payable
11,000

14,000
  Salaries Payable          
2,000

3,000

Prepare the cash flows from operating activities section of the 2014 statement of cash flows using the indirect method. (List any deduction in cash and cash outflows as negative amounts.)

Reference no: EM13574016

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