Problem: Computing cash flows from operating activities- indirect method:
Street cellular accountants have assembled the following data for the year ended june 30, 2012:
Cash receipt from sale of land 29,000 Net income 64,000
Depreciation expense 19,000 Purchase of equipment 44,000
Payment of dividends 5,700 Decrease in current liabilities 7,000
Cash receipt from issuance of Increse in current assets
common stock 16,000 other than cash 13,000
Requirement:
1. Prepare the operating activities section using the indirect method for street cellular's statement of cash flows for the year ended june 30, 2012.