Majorn Auto Parts Store had net income of $90,000 for the year just ended. Majorn collected...
|
Majorn Auto Parts Store had net income of $90,000 for the year just ended. Majorn collected the following additional information to prepare its statement of cash flows for the year: |
| Increase in accounts receivable | $120,000 |
| Decrease in inventory | $27,000 |
| Decrease in accounts payable | $44,000 |
| Increase in retained earnings | $38,000 |
| Cash received from sale of building | $224,000 |
| Gain on sale of building | $56,000 |
| Depreciation expense | $41,000 |
|
Majorn uses the indirect method to prepare its statement of cash flows. What is Majorn's net cash provided (used) by operating activities? |
$(62,000)
$50,000
$306,000
$212,000
Homework Answers
Answer: $(62,000)
|
Majorn Auto Parts Operating Cash Flow |
||
|
Particulars |
Amount $ |
|
|
1 |
Net Income |
90,000 |
|
2 |
Less: Gain on Building sale |
(56,000) |
|
3 |
Add: Depreciation expenses |
41,000 |
|
4 |
Less: Increase in Accounts Receivable |
(120,000) |
|
5 |
Add: Decrease in Inventory |
27,000 |
|
6 |
Less: Decrease in Accounts payable |
(44,000) |
|
Net Cash Provided/Used by Operating Activates |
(62,000) |
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