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Colonial Company uses the direct method to prepare its statement of cash flows.Refer to the following financial statement information for the year ending December 31,2019:
Colonial Company
Prepare the operating activities section of the statement of cash flows,using the direct method.Accrued liabilities relate to other operating expenses.
Liability
The state of being responsible for something, especially in terms of legal or financial obligations that may arise from actions or transactions.
Discharged
Released from liability for a negotiable instrument.
Negotiable Instrument
A written, transferable document signed by the maker or drawer, containing an unconditional promise or order to pay a specified amount of money on demand or at a set time.
Material Alteration
A significant change or modification to a document or item that changes its legal effectiveness or meaning.
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