Homework Answers
Option (a) is correct
Under indirect method, in the operating activities section, the gain on asset sold will be recorded as a deduction from net income. Here, the gain is $3710, so it will be recorded as a deduction from net income.
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A corporatian uses the indirect method for preparing the statement af cash BaRS A faad assat...
A corporation uses the indirect method for preparing the Statement of Cash Flows. A fixed asset...
A corporation uses the indirect method for preparing the Statement of Cash Flows. A fixed asset has been sold for $25,000 representing a gain of $4,500. The value in the operating activities section regarding this event would be: a. $25,000 b. ($4,500) c. $4,500 d. $29,500
Calcul A corporation uses the indirect method for preparing the statement of cash flows. A fixed...
Calcul A corporation uses the indirect method for preparing the statement of cash flows. A fixed asset has been sold for $23,162 representing again of $3,839. The value the operating activities section regarding this event would be a $23,162 OD. $3,839 c. $19,323 d. $27,001
19. When preparing a statement of cash preparing a statement of cash loan (indirect methodl, which...
19. When preparing a statement of cash preparing a statement of cash loan (indirect methodl, which of the following is Hot an adjustm adjustment to reconcile net income to be cash vided by operating activities A) A change in income taxes payable B) A change in interest payable C) A change in dividends payable D) All of these are adjustments 20. When using the indirect method to prepare the operating section of a statement of cash llows, which of the...
Suppose AF company uses the indirect method to prepare the cash flow statement. Indicate which of...
Suppose AF company uses the indirect method to prepare the cash flow statement. Indicate which of the following items will appear in the cash flow from financing activities section of the cash flow statement. [Tick all that apply]. Cash paid to buy back bonds Cash paid to buy back company's own stock Cash paid to purchase equipment. Cash proceeds from the sale of the equipment Depreciation expense Dividends paid Gain on the sale of the equipment Interest expense
When preparing a statement of cash flows on the indirect method, which of the following is...
When preparing a statement of cash flows on the indirect method, which of the following is correct? Select one: a. Proceeds from the sale of equipment should be added to net income in the operating activities section. b. A loss on the sale of land should be added to net income in the operating activities section. c. The declaration of a cash dividend should be a use of cash in the financing activities section. d. The issuance of a stock...
Mimos Woodworking Company is preparing its statement of cash flows using the indirect method. During the...
Mimos Woodworking Company is preparing its statement of cash flows using the indirect method. During the year, Thomas Woodworking sold equipment for $6490 cash. The net book value of the asset was $4770. Which of the Following statements is true! The gain on sale of $1,720 is shown as a positive cash flow in the financing activities section The cash receipt of $6.490 is shown as a positive cash flow in the investing activities section. The book value of the...
Outdoor Paints Company uses the direct method for preparing its statement of cash flow. Outdoor reports...
Outdoor Paints Company uses the direct method for preparing its statement of cash flow. Outdoor reports the following information regarding 2019. From the income statement: Sales Revenues, $270,000 Cost of Goods Sold, $213,000 Operating Expenses, $31,000 From the balance sheet: Beginning Balance $15,000 24,200 Accounts Receivable Merchandise Inventory Accounts Payable Accrued Liabilities Ending Balance $18,200 18,300 13,800 1,600 6,900 4,700 O A. $35,700 OB. $31,000 OC. $34,100 OD. $29.400 Oregon Company is preparing its satement of cash flows using the...
Assume that Company A uses indirect method to depict cash flows. Indicate where, if at all,...
Assume that Company A uses indirect method to depict cash flows. Indicate where, if at all, a stock issued for purchasing a patent would be classified on the statement of cash flows. a. Operating activities section b. Investing activities section c. Financing activities section d. Does not represent a cash flow
Utah Corp. uses the indirect method to prepare the statement of cash flows. Refer to the...
Utah Corp. uses the indirect method to prepare the statement of cash flows. Refer to the following section of the comparative balance sheet: Utah Corp Comparative Balance Sheet December 31, 2018 and 2017 Cash Accounts Receivable Merchandise Inventory Total Assets 2018 $45,000 48,000 180.000 $273,000 2017 Increase/(Decrease) $27,000 $18,000 45,000 3,000 132.000 48.000 $204,000 $69,000 How will the change in Merchandise Inventory be shown on the statement of cash flows? O A. addition to net income under the operating activities...
Utah Corp. uses the indirect method to prepare the statement of cash flows. Refer to the...
Utah Corp. uses the indirect method to prepare the statement of cash flows. Refer to the following section of the comparative balance sheet Utah Corp Comparative Balance Sheet December 31, 2018 and 2017 2018 2017 Increase/(Decrease) Cash $45,000 $27,000 $18,000 Accounts Receivable 48,000 45,000 3,000 Merchandise Inventory 180,000 132.000 48 000 Total Assets $273,000 $204,000 $69,000 How will the change in Merchandise Inventory be shown on the statement of cash flows? O A negative cash flow under the investing activities...
Calcul A corporation uses the indirect method for preparing the statement of cash flows. A fixed asset has been sold for $23,162 representing again of $3,839. The value the operating activities section regarding this event would be a $23,162 OD. $3,839 c. $19,323 d. $27,001
19. When preparing a statement of cash preparing a statement of cash loan (indirect methodl, which of the following is Hot an adjustm adjustment to reconcile net income to be cash vided by operating activities A) A change in income taxes payable B) A change in interest payable C) A change in dividends payable D) All of these are adjustments 20. When using the indirect method to prepare the operating section of a statement of cash llows, which of the...
Mimos Woodworking Company is preparing its statement of cash flows using the indirect method. During the year, Thomas Woodworking sold equipment for $6490 cash. The net book value of the asset was $4770. Which of the Following statements is true! The gain on sale of $1,720 is shown as a positive cash flow in the financing activities section The cash receipt of $6.490 is shown as a positive cash flow in the investing activities section. The book value of the...
Outdoor Paints Company uses the direct method for preparing its statement of cash flow. Outdoor reports the following information regarding 2019. From the income statement: Sales Revenues, $270,000 Cost of Goods Sold, $213,000 Operating Expenses, $31,000 From the balance sheet: Beginning Balance $15,000 24,200 Accounts Receivable Merchandise Inventory Accounts Payable Accrued Liabilities Ending Balance $18,200 18,300 13,800 1,600 6,900 4,700 O A. $35,700 OB. $31,000 OC. $34,100 OD. $29.400 Oregon Company is preparing its satement of cash flows using the...
Utah Corp. uses the indirect method to prepare the statement of cash flows. Refer to the following section of the comparative balance sheet: Utah Corp Comparative Balance Sheet December 31, 2018 and 2017 Cash Accounts Receivable Merchandise Inventory Total Assets 2018 $45,000 48,000 180.000 $273,000 2017 Increase/(Decrease) $27,000 $18,000 45,000 3,000 132.000 48.000 $204,000 $69,000 How will the change in Merchandise Inventory be shown on the statement of cash flows? O A. addition to net income under the operating activities...
Utah Corp. uses the indirect method to prepare the statement of cash flows. Refer to the following section of the comparative balance sheet Utah Corp Comparative Balance Sheet December 31, 2018 and 2017 2018 2017 Increase/(Decrease) Cash $45,000 $27,000 $18,000 Accounts Receivable 48,000 45,000 3,000 Merchandise Inventory 180,000 132.000 48 000 Total Assets $273,000 $204,000 $69,000 How will the change in Merchandise Inventory be shown on the statement of cash flows? O A negative cash flow under the investing activities...
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