Harlowe Corp, a private company reporting under ASPE, engaged in the following transactions. For each transaction, indicate where, if at all, it would be classified on the statement of cash flows. Assume the indirect method is used. Decrease in income tax payable:

Question

Quizplus · Accepted Answer

A decrease in income tax payable would be classified as an operating activity in the statement of cash flows, as it represents a change in a liability related to the company's normal business operations.

Harlowe Corp, a Private Company Reporting Under ASPE, Engaged in the Following