The net income reported on the income statement for the current year was $313,659. Depreciation recorded on fixed assets and amortization of patents for the year were $38,968,and $9,722, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows:EndBeginningCash$42,392$55,782Accounts receivable126,305101,016Inventories100,58280,433Prepaid expenses4,0607,575Accounts payable (merchandise creditors)50,30278,390What is the amount of cash flows from operating activities reported on the statement of cash flows prepared by the indirect method?Oa. $214,402Ob. $432,360Oc. $412,916Od. $292,338

and $9,722, respectively. Balances of current asset and currer End Cash $42,392 Accounts receivable 126,305 Inventories 100,582 Prepaid expenses 4,060 Accounts payable (merchandise creditors) 50,302 What is the amount of cash flows from operating activities rep Oa. $214,402 Ob. $432,360 Oc. $412,916

and $9,722, respectively. Balances of current asset and currer End Cash $42,392 Accounts receivable 126,305 Inventories 100,582 Prepaid expenses 4,060 Accounts payable (merchandise creditors) 50,302 What is the amount of cash flows from operating activities rep Oa. $214,402 Ob. $432,360 Oc. $412,916

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter4: The Balance Sheet And The Statement Of Shareholders' Equity

Section: Chapter Questions

Problem 6RE: Oz Corporation has the following assets at year-end: Patents (net), 26,000; Land, 50,000; Buildings,...

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Using the following information, A. Make the December 31 adjusting journal entry for depreciation. B. Determine the net book value (NBV) of the asset on December 31. Cost of asset, $195,000 Accumulated depreciation, beginning of year, $26,000 Current year depreciation, $13,000
Classification of Assets and Liabilities Indicate the appropriate classification of each of the following as a current asset (CA), noncurrent asset (NCA), current liability (CL), or long-term liability (LTL). ______ 1. Inventory ______ 2. Accounts payable ______ 3. Cash ______ 4. Patents ______ 5. Notes payable, due in six months ______ 6. Taxes payable ______ 7. Prepaid rent (for the next nine months) ______ 8. Bonds payable, due in ten years ______ 9. Machinery
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The net income reported on the income statement for the current year was $185,000. Depreciation recorded on equipment and a building amounted to $96,000 for the year. 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 YearCash $ 75,000 $ 86,150Accounts receivable (net) 84,550 90,000Inventories 186,200 175,000Prepaid expenses 3,600 4,500Accounts payable (merchandise creditors) 91,500…
The net income reported on the income statement for the current year was P255,800. Depreciation recorded on equipment and a building amounted to P53,500 for the year. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End of the year Beginning of the year Cash P 42,000 P 44,200 Accounts receivable (net) 56,400 67,000 Inventories 125,900 112,600 Prepaid expenses 5,800 6,000 Accounts payable (merchandise creditors) 61,400 67,500 Salaries payable 8,300 7,900 Required: Prepare the cash flows from operating activities section of the statement of cash flows, using the indirect method.
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