Lone Star Hat Company uses the direct method for its statement of cash flow.Assume Accrued Liabilities relate to Operating Expenses.It reports the following information regarding the year ending December 31,2018:
Assume that there were no sales of long-term assets,no interest revenue,and no expenses other than the expenses shown above.Also,assume that Accounts Payable is for purchases of merchandise inventory only.Prepare the operating activities section of the statement of cash flows.
Definitions:
Decisions
Conclusions or resolutions reached after consideration, often referring to the outcomes of deliberations in legal, personal, or organizational contexts.
Ethically
In a manner consistent with moral principles and standards of conduct.
Profit Maximization
The process by which a company adjusts its production and sales strategies to achieve the highest possible profit.
Stakeholders
Individuals or groups that have an interest or stake in the outcome of a project, decision, or organization, including customers, employees, investors, and suppliers.
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