Cash Flows from (Used for) Operating ActivitiesDirect Method The income statement of Booker T Industries...
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Cash Flows from Used for Operating ActivitiesDirect Method The income statement of Booker T Industries Inc. for the current year ended June is as follows: Sales $ Cost of merchandise sold Gross profit $ Operating expenses: Depreciation expense $ Other operating expenses Total operating expenses Income before income tax $ Income tax expense Net income $ Changes in the balances of selected accounts from the beginning to the end of the current year are as follows: Increase Decrease Accounts receivable net $ Inventories Prepaid expenses Accounts payable merchandise creditors Accrued expenses payable operating expenses Income tax payable Question Content Area a Prepare the Cash Flows from used for Operating Activities section of the statement of cash flows, using the direct method. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments.
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