Prepare the net cash flows from operating activities

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Reference no: EM13943797

REPORTING NET CASH FLOW FROM OPERATING ACTIVITIES

The following information is available for Bernard Corporation:

Net income	$206,000
Decrease in accounts receivable	4,900
Increase in inventory	15,300
Decrease in prepaid rent	2,100
Increase in salaries payable	14,400
Increase in income taxes payable	11,200
Increase in notes payable	20,000
Depreciation expense	42,000
Loss on sale of equipment	5,000

Required:

1. Prepare the net cash flows from operating activities using the indirect method.

2. What are the causes of the major differences between net income and net cash flow from operating activities?

Reference no: EM13943797

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