Reference no: EM131135552
The net income for Jeff Co. for 2014 was $280,250. For 2014, depreciation on plant assets was $66,840, and the company incurred a loss on disposal of plant assets of $10,850. Compute net cash provided by operating activities using the indirect method.
An analysis of comparative balance sheets, the current year's income statement, and the general ledger accounts of Wellman Corp. uncovered the following items. Assume all items involve cash unless there is information to the contrary. Indicate how each item should be classified in the statement of cash flows using these four major classifications: .operating activity (indirect method), investing activity, financing activity, and significant noncash investing and financing activity.
a. Payment of interest on notes payable.
b. Exchange of land for patent
c. Sale of building at book value.
d. Payment of dividends,
e. Depreciation.
f. Receipt of dividends on investment in stock.
g. Receipt of interest on notes receivable.
h. Issuance of capital stock.
i. Amortization of patent.
j. Issuance of bonds for land.
k. Purchase of land.
l. conversion of bonds into common stock.
m. Loss on sale of land.
n. Retirement of bonds.
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: The net income for Jeff Co. for 2014 was $280,250. For 2014, depreciation on plant assets was $66,840, and the company incurred a loss on disposal of plant assets of $10,850. Compute net cash provided by operating activities using the indirect met..
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