Use the following income statement and information about changes in non-cash current assets and current...
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Accounting
Use the following income statement and information about changes in noncash current assets and current liabilities to present the cash flows from operating activities using the indirect method: List any loss, cash outflow or deduction in cash as negative amounts.
Eyelashes and More Co
Income Statement
For Year Ended May
Sales $
Cost of goods sold
Gross profit $
Operating expenses:
Depreciation expense $
Other expenses
Total operating expenses
Loss on sale of longterm investment
Profit loss from operations $
Income tax expense
Profit loss $
Changes in current asset and current liability accounts during the year were as follows:
Accounts receivable $ decrease
Inventory increase
Prepaid insurance increase
Accounts payable increase
Accrued liabilities decrease
Answer & Explanation
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