PROBLEM 14A–7 Prepare and Interpret a Statement of Cash Flows [LO1, LO4] Refer to the financial statements for Allied Company in Problem 14–14. Because the Cash account decreased substantially during 2011, the company’s executive committee is anxious to see how the income statement would appear on a cash basis. Required: 1. Using the direct method, adjust the company’s income statement for 2011 to a cash basis. 2. Using the data from (1) above and other data from the problem as needed, prepare a statement of cash flows for 2011.
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