Prepare a statement of cash flows under the indirect method. Use a minus to indicate...
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Accounting
Prepare a statement of cash flows under the indirect method. Use a minus to indicate any decreases in cash or cash outflows.
Gains and Losses on the Sale of Long-Term Assets
The income statement for Dreamweaver Sports Camp follows. Assume that all revenues and expenses were for cash and that land was sold for $500. There were no other investing or financing activities during the year. The Cash balances at the beginning and end of the year were $100 and $1,170, respectively.
Dreamweaver Sports Camp Income Statement For Year Ended December 31, 20-2
Sales (all cash)
$2,100
Wages expense (all cash)
1,530
Operating income
$570
Gain on sale of land
100
Net income
$670
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