Reference no: EM132554871
The indirect method was used to prepare the cash flow statement of Paulin Exterminators, as follows:
Net income $230,000
Gain on sale of capital assets (25,000)
Provision for future income taxes 52,000
Change in non-cash working capital accounts:
Decrease in prepaid expenses 21,000
Increase in accounts receivable (32,000)
Decrease in inventory 43,000
Decrease in accounts payable (14,000)
Increase in unearned revenue 25,000
Cash from operations $300,000
Additional information:
Sales $2,323,000
Cost of sales 1,394,000
Paulin Exterminators would like to see what the cash flow statement would look like if it was prepared using the direct method.
Question 1: Under the direct method, what amount would be reported as cash collected from customers?
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