Reference no: EM132606514

Questions -

Q1- Staley Inc. reported the following data:

Net income $319,500

Depreciation expense 53,400

Loss on disposal of equipment 37,000

Increase in accounts receivable 19,400

Increase in accounts payable 11,700

Make the Cash Flows from Operating Activities section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments.

Q2- Land Transactions on the Statement of Cash Flows

Alpha Corporation purchased land for $488,000. Later in the year, the company sold a different piece of land with a book value of $200,000 for $174,000.

How are the effects of these transactions reported on the statement of cash flows? Use the minus sign to indicate cash outflows, cash payments, decreases in cash and for any adjustments, if required. If a transaction has no effect on the statement of cash flows, select "No effect" from the drop down menu and leave the amount box blank.