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Green Skies Company Prepares Its Statement of Cash Flows Using

Question 146

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Green Skies Company prepares its statement of cash flows using the indirect method.Indicate whether each of the items below would be added to (+)or deducted from (-)net income to determine net cash flows from operating activities.

Premises:
Increase in Accounts Payable
Gain on Sale of Land
Amortization Expense
Decrease in Wages Payable
Decrease in Income Taxes Payable
Loss on Disposal of Truck
Decrease in Accounts Receivable
Increase in Inventory
Decrease in Prepaid Rent
Depreciation Expense
Responses:
added to (+)
deducted from (-)

Correct Answer:

Increase in Accounts Payable
Gain on Sale of Land
Amortization Expense
Decrease in Wages Payable
Decrease in Income Taxes Payable
Loss on Disposal of Truck
Decrease in Accounts Receivable
Increase in Inventory
Decrease in Prepaid Rent
Depreciation Expense
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