Telfer, Inc. reported net income of $2.6 million in 2020. Depreciation for the year was $157,700, accounts receivable decreased $375,000, and accounts payable decreased $267,200.
Compute net cash provided by operating activities using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
Telfer Inc | ||
Statement of Cash flows | ||
For the year ended December 31, 2020 | ||
Cash flows from operating activities | ||
Net Income | $ 2,600,000 | |
Adjustments to reconcile net income to ; | ||
net cash flow from operating activities | ||
Depreciation expense | $ 157,700 | |
Decrease in accounts receivable | $ 375,000 | |
Decrease in accounts payable | $ (267,200) | |
$ 265,500 | ||
Net cash provided by operating activities | $ 2,865,500 |
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Telfer, Inc. reported net income of $2.6 million in 2020. Depreciation for the year was $157,700, accounts receivable decreased $375,000, and accounts payable decreased $267,200.
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