Budget Auto Parts Company uses the indirect method to prepare the statement of cash flows.Refer to the following income statement:
Additional information provided by the company includes the following:
Current assets other than cash increase by $36,000.
Current liabilities decrease by $1,500.
Prepare the operating activities section of the statement of cash flows.
Definitions:
Production and Sales Process
The combined sequence of operations involved in manufacturing goods and selling them to customers.
Days Sales Outstanding (DSO)
A measure of the number of days that it takes to collect on accounts receivable.
Accounts Receivable
Money owed to the company for goods or services provided and billed to a customer.
Accounts Payable
Money owed by a business to its suppliers.
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