Harlow Industries reported net income of $56,000 for the current year. During the year, Inventory decreased by $19,600, Accounts Payable decreased by
... [Show More] $22,400, Depreciation Expense was $28,000, and Accounts Receivable increased by $18,200. If the indirect method is used, what is the net cash provided by operating activities?
Snowberry Corporation had a net increase in Retained Earnings of $182,000 for the year. The corporation also paid $56,000 of cash dividends that had been declared in the previous year. This year, the corporation declared $50,400 of dividends but has not paid them as of year-end. Given this information, the net income for the current year must have been:
When the indirect method is used, if accounts payable increases during the accounting period, the change in accounts payable is:
When the indirect method is used, if a prepaid expense account increases during the accounting period, the change in the prepaid expense account is:
Sunnyside Co.'s comparative balance sheet indicated that the Equipment account increased by $112,000. Upon further investigation of the account changes, it is determined that Sunnyside purchased equipment totaling $196,000 for the year. It also sold equipment with an original cost of $84,000 for $22,400 cash. Assuming these are the only transactions affecting the investing activities, Sunnyside will report net cash flows provided by (used in) investing activities of:
Strawbale, Inc. purchases a $600,000 building, paying $400,000 in cash and signing a $200,000 promissory note. What will be reported on the statement of cash flows as a result of this transaction?
Scots Glenn Manufacturing took out $532,000 of new debt this year and repaid $800,000 of older debt in the same year. The company also issued stock for $353,600 cash and paid dividends of $79,200 for the year. The company's financing cash flows appearing the statement of cash flows will show:
A company bought $250,000 of equipment with an expected life of ten years and no residual value. After six years the company sold the equipment for $94,000. If the company uses straight-line depreciation and the indirect method is used to determine cash flows from operating activities, which of the following reflects how the sale of the equipment would be reported in the statement of cash flows? [Show Less]