Avatar Company uses the indirect method to prepare its statement of cash flows. Using the worksheet shown below, please enter the adjustments needed to record the following transactions:
Definitions:
F.O.B. New York
A contractual term indicating that the seller delivers goods, ready for shipment, to a specific location in New York, with the buyer assuming shipping costs and risk of loss.
Transport
The action or process of moving goods or people from one place to another.
Protective Suits
Specialized clothing designed to protect the wearer from physical harm, hazardous materials, or environmental conditions.
Shipment Contract
A legal agreement specifying that the seller will arrange for goods' transportation to a specific destination, but the risk of loss passes to the buyer once the carrier takes possession.
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