1 answer

Compute RVD​'s net cash provided by​ (used for) operating activities during July 2018. Use the indirect...

Question:

Compute RVD​'s net cash provided by​ (used for) operating activities during July 2018.

Use the indirect method. ​(Use a minus sign or parentheses for amounts that result in a decrease in cash and to show net cash used for operating activities. If a box is not used in the table leave the box​ empty; do not select a label or enter a​ zero.)

Account

Beginning Balance

Ending Balance

Cash

$6,500

$3,500

Accounts Receivable

18,000

13,000

Merchandise Inventory

21,000

24,500

Accounts Payable

14,500

20,500

Accumulated Depreciation—

Equipment

Retained Earnings

51,000

Jul. 1

61,000

Jul. 1

2,500

Depr. Exp.

Dividends

19,000

45,000

Net Inc.

53,500

Jul. 31

87,000

Jul. 31


Answers

Statement of Cash Flows (Partial)
For the Month Ended July 2018
Cash flows from operating activities:
Net income $45,000
Adjustments to Reconcile Net Income to Net Cash
Provided by (used for) operating activities
Depreciation Expenses $2,500
Decrease in Accounts Receivable $5,000
Increase in Merchandise Inventory ($3,500)
Increase in Accounts Payable $6,000 $10,000
Net cash provided by (used for) operating activities $55,000
.

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