Hardware Suppliers reports net income of $145,000. Included in net income is a gain on...
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Accounting
Hardware Suppliers reports net income of $145,000. Included in net income is a gain on the sale of land of $10,000. A comparison of this years and last years balance sheets reveals an increase in accounts receivable of $15,000, an increase in inventory of $10,000, and a decrease in accounts payable of $35,000. Required: Prepare the operating activities section of the statement of cash flows using the indirect method. (List cash outflows and any decrease in cash as negative amounts.)
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