The net income reported on the income statement for the current year was $297,26

Question

The net income reported on the income statement for the current year was $297,269. Depreciation recorded on fixed assets and amortization of patents for the year were $37,190 and $11,737, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows:

What is the amount of cash flows from operating activities reported on the statement of cash flows prepared by the indirect method?

Select the correct answer.

Land costing $71,050 was sold for $95,185 cash. The loss on the sale was reported on the income statement as other expense. On the statement of cash flows, what amount should be reported as an investing activity from the sale of land?

Select the correct answer.

End Beginning Cash $36,566 $50,350 Accounts receivable $108,615 $125,082 Inventories $95,581 $109,223 Prepaid expenses $8,043 $3,932 Accounts payable (merchandise creditors) $67,698 $50,727

Explanation / Answer

What is the amount of cash flows from operating activities reported on the statement of cash flows prepared by the indirect method? Select the correct answer. $389,165 is the correct answer $322,289 $376,305 $307,304 Land costing $71,050 was sold for $95,185 cash. The loss on the sale was reported on the income statement as other expense. On the statement of cash flows, what amount should be reported as an investing activity from the sale of land? Select the correct answer. $24,135 $71,050 $166,235 $95,185 is the correct answer, since that is the sale proceeds from land

Related Questions

Navigate

• Browse (All)
• Browse T
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.