On 1/1/2020, Studebaker Corp. had an Accounts Receivable balance of $500,000 and an Allowance for Doubtful Accounts balance of $30,000. During 2020, Studebaker made credit sales of $4,000,000 and cash collections of $4,100,000. Also during 2020, Studebaker wrote off uncollectible accounts receivable totaling $28,000. Based on an aging schedule, uncollectible amounts are estimated to total $35,000 as of 12/31/2020. Studebaker uses the Aging Schedule approach to recording bad debt expense. The adjusting journal entry to record Bad Debt Expense for 2020 includes a debit to Bad Debt Expense of

Prepare the operating activities section—indirect method.(lo 4), apthe income statement of paxson company is presented here.paxson companyincome statementfor the year ended november 30, 2014sales revenue $7,600,000cost of goods sold beginning inventory$1,900,000 purchases4,400,000goods available for sale6,300,000 ending inventory1,600,000total cost of goods sold 4,700,000gross profit 2,900,000operating expenses selling expenses450,000 administrative expenses700,0001,150,000net income $1,750,000additional information: prepare the operating activities section—indirect 1. accounts receivable decreased $380,000 during the year, and inventory decreased $300,000.2. prepaid expenses increased $150,000 during the year.3. accounts payable to suppliers of merchandise decreased $350,000 during the year.4. accrued expenses payable decreased $100,000 during the year.5. administrative expenses include depreciation expense of $110,000.instructionsprepare the operating activities section of the statement of cash flows for the year ended november 30, 2014, for paxson company, using the indirect method.net cash provided $1,940,000