Homework Answers
During the year 2018, Merchandise inventory has increased by $48,000.
Increase in current assets is considered as a cash outflow under the operating activity section of the statement of cash flows.
Hence increase in merchandise inventory of $48,000 will be shown as subtraction from net income under the operating activities section.
Correct option is C.
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Cash Flows from Operating Activities-Indirect Method The net income reported on the income statement for the current year was $128,100. Depreciation recorded on store equipment for the year amounted to $21,100. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End of Year Beginning of Year Cash $51,370 $46,750 Accounts receivable (net) 36,830 34,550 Merchandise inventory 50,290 52,590 Prepaid expenses 5,650 4,440 Accounts payable (merchandise creditors) 48,130 44,230 Wages...
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