Reference no: EM133011528
Problem 1: In the current year, Stuffy the Bear sold teddy bears they bought for $30,000 and took in $60,000 cash. Using the indirect method, how will this impact their financial statements for the current year?
Select all that apply:
(a) Net cash from operating activities increases by $60,000
(b) cash on balance sheet increases by $60,000
(c) The statement of cash flows will show an adjustment of -$60,000 from the operating section.
(d) If instead of paying cash, the $60,000 was purchased on credit, the statement of cash flow will show an adjustment of -$60,000 from operating.
(e) on the income statement, there is a $60,000 increase in revenue.
(f) cash from operating activity decreases by $30,000 to recognize the cost of goods sold.
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