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Question Description
31. The following information related to comparative balance sheets is available for Metro Corporation: (10 points)
Increase in cash 50,000
Decrease in accounts receivable (15,000)
Decrease in Inventory (25,000)
Increase in prepaid insurance 11,000
Increase in accounts payable 10,000
Additional selected information from the
income statement was also provided:
1. Depreciation expense of $20,000
2. A loss on sale of equipment $3,500
3. Net income $122,000
Prepare the cash flows from operating
activities using the indirect method.
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