The Harper Company reported a net income of $36,000 for the year just ended. Relevant data for the company follows:

Anonymous
timer Asked: Apr 27th, 2018

Question Description

Account

Beginning of year

End of year

Accounts receivable (net)

$63,000

$60,000

Inventory

88,000

97,000

Prepaid expense

14,000

19,000

Accounts payable

67,000

61,000

Accrued liabilities

11,800

14,800

Dividends payable

42,000

38,000

Long term debt payable133,000145,000

Other items:

Depreciation for the year$48,000

Gain on the sale of equipment3,000

Determine the net cash flows provided by (used in) operating activities for the Harper Company.Show how you converted net income to net cash flow from operations by including the first 2 columns of Exhibit 12.4 on page 610 of your textbook.You may want to use Excel to do the calculation.You can then cut and paste your results from Excel into this Word document.

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