Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. shim company presents its statement of cash flows

Shim Company presents its statement of cash flows using the indirect method. The following accounts...

50.1K

Verified Solution

Question

Accounting

image

image

Shim Company presents its statement of cash flows using the indirect method. The following accounts and corresponding balances were drawn from Shim's 2017 and 2016 year-end balance sheets Account Title Accounts receivable Prepaid rent Interest receivable Accounts payable Salaries payable Unearned revenue 2017 2016 $31,014 1,999 224 10,308 2,659 2,835 $37,217 1,749 179 12,370 3,039 3,780 The income statement reported a $1,360 gain on the sale of equipment, an $670 loss on the sale of land and $3,600 of depreciation expense. Net income for the period was $50,527 Required Prepare the operating activities section of the statement of cash flows. (Amounts to be deducted should be indicated with a minus siqn.) Cash flows from operating activities Plus Less Net cash flow from operating activities

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

What is a reporter gene construct? b. Where did the reporter gene come from? What is...

Biology
Q

Ans 13 cm 7 17 A beaker of mass 1 kg contains 2 kg of...

Physics
Q

Defective electronics: A team of designers was given the task of reducing the defect rate...

Basic Math
Q

The polar coordinates of a point are (9,3?/2). Find the rectangular coordinates of this point.The...

Basic Math
Q

please give me suggested solution

Accounting
Q

In 2024, Nash Enterprises issued, at par, 60$1,000,8% bonds, each convertible into 100 shares of...

Accounting
Q

AICPA Interpretation 101-3 (Performance of Other Services: www.aicpa.org) cites several

Accounting
Q

Question: Company XYZ, a multinational corporation, operates in diverse industries spanning manufacturing, technology, and services...

Accounting
Q

which of the following is the most important criterion in determining an employees nonforfeitable percentage...

Accounting
Q

InterestRate=71.122084.00\times 125\times 100Interest\ Rate =\frac{71.12}{2084.00}\times \frac{12}{5}\times 100

Accounting
Q

2. Jack (born on April 27, 1964) has coverage for his son, Pete (born on...

Accounting
Q

Exercise 11-3 Make or Buy Decision [L011-3] Troy Engines, Ltd, manufactures a variety of engines...

Accounting