5. A purchase of Treasury stock from the stockholders would be reported in the Investing Activities section...
5. A purchase of Treasury stock from the stockholders would be reported in the Investing Activities section of the Statement of Cash Flows.
- True b. False
6. Jamison Company had Net Income for the year of $210,000. Prepaid Expenses increased by $9,000 during the year, Inventory decreased by $8,000, and Taxes Payable decreased by $2,000. What was the Net Cash Flow from Operating Activities using the Indirect Method (assume that no other account balances changed that would impact the computation).
a. $207,000 c. $213,000
b. $211,000 d. $225,000
Homework Answers
5.
A purchase of Treasury stock from the stockholders would be reported in the Investing Activities section of the Statement of Cash Flows.
The given statement is false.
Purchase of treasury stock is recorded under financing activities section of the statement of cash flow as a cash outflow.
6.
| Jamison Company | |
| Cash flow from operating activities | |
| Net income | 210,000 |
| Add: Adjustments to reconcile net income to net cash provided by operating activities | |
| Decrease in inventory | 8,000 |
| Increase in prepaid expenses | -9,000 |
| Decrease in taxes payable | -2,000 |
| Net cash provided by Operating Activities | $207,000 |
Correct option is a.
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