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Accounting

Use the following selected date and additional information from the records of Hitchcock Corporation to answer the question that follows.

Balance Sheet Data 2004 2003
- Accounts Receivable $50,000 $40,000
- Inventories 32,000 25,000
- Prepaid Rent 11,000 5,000
- Accounts payable 23,000 20,000
- Salaries payable 19,000 15,000
- Taxes payable 8,000 11,000
Income Statement Data 2004
- Depreciation Expense 6,000
- Net Income 50,000

Required: Prepare the Operating Activities section of the Statement of Cash Flows for the year ended 2004. Use the INDIRECT Method.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9953900

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