Green Skies Company prepares its statement of cash flows using the indirect method. Indicate whether each of the items below would be added to (+) or deducted from (-) net income to determine net cash flows from operating activities. _____ 1. Increase in Inventory _____ 2. Increase in Accounts Payable _____ 3. Depreciation Expense _____ 4. Loss on Disposal of Truck _____ 5. Decrease in Accounts
Receivable _____ 6. Decrease in Wages Payable _____ 7. Amortization Expense _____ 8. Decrease in Prepaid Rent _____ 9. Gain on Sale of Land _____ 10. Decrease in Income Taxes Payable
Fill in the blank(s) with correct word
1. - 6. -
2. + 7. +
3. + 8. +
4. + 9. -
5. + 10. -
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Indicate whether the statement is true or false
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