Presented below is the income statement of Cowan, Inc:
In addition, the following information related to net changes in working capital is presented:
tableCashDebit,CreditAccounts receivable,$InventoriesSalaries payable operating expensesAccounts payable,$Income taxes payable,
The company also indicates that depreciation expense for the year was $ and that the deferred tax liability account increased $
COWAN, INC.
Statement of Cash Flows PartialIndirect Method
Cash Flows from Operating Activities
Adjustments to reconcile net income to
Prepare a schedule computing the net cash flow from operating activities by using the direct method that would be shown on a statement of cash flows. Show amounts that decrease cash flow with either a negative sign eg or in parenthesis eg
COWAN, INC.
Statement of Cash Flows Partial Direct Method
$
$
