Continental Merchandising Inc.'s current assets and liabilities at December 31, 2014 are as follows: Continental had profit of $83,500 in 2014. Included in the calculation of profit is depreciation of building and equipment in the amount of $45,000 and amortization of a patent in the amount of $1,000.
Instructions
Prepare the operating section of Continental's cash flow statement for the year ended December 31, 2014, using the indirect method.

Question

Continental Merchandising Inc.'s current assets and liabilities at December 31, 2014 are as follows:  Continental had profit of $83,500 in 2014. Included in the calculation of profit is depreciation of building and equipment in the amount of $45,000 and amortization of a patent in the amount of $1,000.
Instructions
Prepare the operating section of Continental's cash flow statement for the year ended December 31, 2014, using the indirect method.

Quizplus · Accepted Answer

The Answer of Continental Merchandising Inc.'s current assets and liabilities at December 31, 2014 are as follows:  Continental had profit of $83,500 in 2014. Included in the calculation of profit is depreciation of building and equipment in the amount of $45,000 and amortization of a patent in the amount of $1,000.
Instructions
Prepare the operating section of Continental's cash flow statement for the year ended December 31, 2014, using the indirect method.