Operating Cash Flows – The following is accounting information taken from the adjusted trial balance of the Woodrail Company for 2007:
| Debit Don't use plagiarized sources. Get Your Custom Essay on using the direct method prepare the cash flows from operating activities section of 610540 Get an essay WRITTEN FOR YOU, Plagiarism free, and by an EXPERT! Just from $10/Page | Credit |
| Sales | $75,000 |
| Interest revenue | 4,300 |
| Cost of goods sold | $43,600 |
| Salaries expense | 13,600 |
| Interest expense | 5,400 |
| Income tax expense | 3,000 |
In addition, the following changes occurred in selected accounts during 2007:
| Accounts receivable | $5,700 credit |
| Inventory | 9,800 debit |
| Accounts payable | 7,000 credit |
| Salaries payable | 900 debit |
| Interest payable | 300 credit |
Required
Using the direct method, prepare the cash flows from operating activities section of the 2007 statement of cash flows for the Woodrail Company.
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