Description of this paper

The condensed single-step income statement for the year ended December 31, 2014, of Conti Chemical Company,

Description

solution


Question

The condensed single-step income statement for the year ended December 31, 2014, of Conti Chemical Company, a distributor of farm fertilizers and herbicides, follows.;Sales $26,000,000;Less: Cost of goods sold $15,200,000;Operating expenses;(including depreciation of $1,640,000) 7,600,000;Income taxes expense 800,000 23,600,000;Net Income $2,400,000;Selected accounts from Conti Chemical?s balance sheets for 2014 and 2013 follow.;2014 2013;Accounts receivable $4,800,000 $3,400,000;Inventory 1,680,000 2,040,000;Prepaid expenses 520,000 360,000;Accounts payable 1,920,000 1,440,000;Accrued liabilities 120,000 200,000;Income taxes payable 280,000 240,000;Required;Prepare a schedule of cash flows from operating activities using the indirect method.

 

Paper#80244 | Written in 18-Jul-2015

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