Question

Please answer 20-24

20) Jets Company reported net income of $400,000 for the year ended 12/31/21. Included in the computation of net income were: depreciation expense, $82,000; amortization of a patent, $55,000; and amortization of a bond discount, $12,000. Jets paid a $84,000 dividend during the year. The net cash provided by operating activities would be reported at________

21) Future taxable amounts is calculated using the future enacted tax rate. (answer True or False)

22) Pretax income and income before taxes would typically be different due to permanent differences. (answer True or False)

23) Orange Company provided the following information on selected transactions during 2020:

Dividends paid to preferred stockholders $ 420,000

Proceeds from issuing bonds 1,600,000

Proceeds from sale of equipment 80,000

Purchases of land 2,400,000

Purchase of land by issuing bonds 520,000

The net cash provided (used) by investing activities during 2021 is ________

24) Tax expense and tax payable will always be equal because debits must equal to credits. (answer True or False)