Project #59139 - accounting

Incredibly Fast Transportation (IFT) began 2014 with accounts receivable, inventory, and prepaid expenses totaling $56,000. At the end of the year, IFT had a total of $59,000 for the current assets. At the beginning of 2014, IFT owed current liabilities of $41,ooo, and at year-end current liabilities totaled $45,000.

Net income for the year was $76000. Included in net income were a $3100. loss on the sale of land and depreciation expense of $12,000. 

Show how IFT should report cash flows from operating activities for 2014. IFT uses the INDIRECT METHOD.

Subject Business
Due By (Pacific Time) 02/22/2015 05:00 pm
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