Question & Answer: Tidwell Company has provided the following partial comparative balance sheets and the income statement for 20X…..

Tidwell Company has provided the following partial comparative balance sheets and the income statement for 20X2.

Question not attempted.

Tidwell Company
Comparative Balance Sheets
At December 31, 20X1 and 20X2
1 20X1 20X2
2 Current assets:
3 Accounts receivable $347,000.00 $284,000.00
4 Inventories 121,000.00 148,000.00
5 Current liabilities:
6 Accounts payable 299,000.00 240,000.00

Question not attempted.

Tidwell Company
Income Statement
For the Year Ended December 31, 20X2
1 Revenues $1,210,000.00
2 Gain on sale of equipment 50,000.00
3 Cost of goods sold (647,000.00)
4 Depreciation expense (126,000.00)
5 Interest expense (24,500.00)
6 Net income $462,500.00
Required:
Compute operating cash flows using the direct method.

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Question & Answer: Tidwell Company has provided the following partial comparative balance sheets and the income statement for 20X..... 1

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