Chicago Brick Company
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Chicago Brick Company’s worksheet for the preparation of its current-year statement of cash flows included the following: |
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December 31 |
January 1 |
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Accounts receivable |
$29,000 |
$23,000 |
Allowance for uncollectible accounts |
1,000 |
800 |
Net Accounts Receivable |
28,000 |
$22,200 |
Prepaid rent expense |
8,200 |
12,400 |
Accounts payable |
22,400 |
19,400 |
Chicago Brick Company reported net income of $150,000 for the current year. What amount should Lino include as net cash provided by operating activities in the statement of cash flows |
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(a)What amount should Lino include as net cash provided by operating activities in the statement of cash flows |
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(b) Would the total cash provided by operating activities in the statement of cash flows be different if prepared using the direct method rather than the indirect method? |
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