Need help please!! Telfer, Inc. reported net income of $2.9 million in 2017. Dep
ID: 2410140 • Letter: N
Question
Need help please!!
Telfer, Inc. reported net income of $2.9 million in 2017. Depreciation for the year was $161,900, accounts receivable decreased $354,400, and accounts payable decreased $276,200 Compute net cash provided by operating activities using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Telfer, Inc. Statement of Cash Flows-Indirect Approach For the Year Ended 2017 Cash Flows from Operating Activities Net Income 2,900,000 Adjustments to reconcile net income to Net Cash Provided by Operating Activities Accounts Receivable Decrease 354,400 Accounts Payable Decrease (276,200) Depreciation Expense 161,900 323800 Net Cash Provided by Operating Activities 3223800Explanation / Answer
Cash flows from Operating Activities Net income 2,900,000 Adjustments to reconcile net income to Net Cash Provided By Operating Activities Accounts Receivable Decrease 354400 Accounts Payable Decrease (276200) Depreciation Expense 161900 $240100 Net Cash Provided by Operating Activities $3140100.