1) The process of acquiring merchandise from a supplier begins with the invoice.

Question

1) The process of acquiring merchandise from a supplier begins with the

invoice.

2) The records of Inland Equipment showed a net loss of $30,000, depreciation expense of $25,000, and an increase in supplies on hand of $5,000. The amount of net cash flow from operating activities using the indirect method is

3) Retained earnings represent internally generated capital.

purchase order. check for payment. receiving report.

invoice.

2) The records of Inland Equipment showed a net loss of $30,000, depreciation expense of $25,000, and an increase in supplies on hand of $5,000. The amount of net cash flow from operating activities using the indirect method is

($10,000). $15,000. $20,000. ($15,000).

3) Retained earnings represent internally generated capital.

True False

Explanation / Answer

1. The process of acquiring merchandise from a supplier begins with the c) receiving report

2. Answer = a) ($10000)

Increase in supplies = ($5000)

Net cashflow form Equipment = ($5000)

Net cash flow from operating activities using indirect method = ($10000)

3. TRUE - Retained earnings represent internally generated capital.

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