McClintock Inc had the following information available from its 2011 balance sheet and income statement: Insurance expense $15,000 Prepaid insurance - beginning 30,000 Prepaid insurance - ending 25,000 What amount would be reported as cash outflows for insurance on the statement of cash flows for 2011 using the direct method?
A) $70,000
B) $10,000
C) $20,000
D) $25,000
B
Business
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