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Given the following selected information, prepare a schedule showing net cash ows from operating activities for the year ended May 31, 2017 using the...

Please Answer the questions above. You do not have to show your work.Screen Shot 2018-05-06 at 7.48.39 PM.png

Screen Shot 2018-05-06 at 7.48.39 PM.png

Given the following selected information, prepare a schedule showing net cash flows from
operating activities for the year ended May 31, 2017 using the indirect format: May 31I 2017 May 31I 2016 Accounts Receivable $ 53,000 $ 69,000
Inventory 171,000 186,000
Prepaid Insurance 12,000 8,000
Accounts Payable 47,000 55,000
Wages Payable 28,000 37,000
Unearned Revenue 33,000 26,000
Sales 568,000
Cost of Goods Sold 385,000
Insurmice Expense 27,000
Wages Expense 94,000
Depreciation Expense 31,000
Amortization Expense 18,000
Interest Expense 29,000
Loss on Sale of Equipment 6,000
Dividend Revenue 17,000
Gain on Sale of Investment 42,000 1 8. Net income would be:
A) 43,000
B) 64,000
C) 37,000
D) 49,000
E) None of the above 19. Adjusted Net Income would be @you reverse the applicable non cash income
statement items):
A) 50,000
B) 44,000
C) 92,000
D) 68,000
E) None of the above 20. Net cash flows from Operations would be:
A) 30,000
B) 67,000
C) 40,000
D) 57,000
E) None of the above

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