Reported as net cash flows from operating activities

Assignment Help Financial Accounting

Reference no: EM131204993

Advance Systems Inc. reported the following information for 20X0 and 20X1: 20X0 20X1 Accounts receivable $101,000 $93,000 Prepaid expenses 5,000 6,000 Accounts payable 71,000 76,000 Salaries payable 5,000 4,000 Net income 67,000 Loss on sale of equipment 5,000 Depreciation expense 11,000 If Advance Systems uses the indirect method to prepare the operating activities section of the statement of cash flows, what amount will be reported as net cash flows from operating activities for 20X1?

a. $72,000 b. $78,000 c. $98,000 d. $94,000

Reference no: EM131204993

Questions Cloud

Contribution format income statement for the quarter ended : The Alpine House, Inc., is a large retailer of snow skis. The company assembled the information shown below for the quarter ended March 31: Amount Total sales revenue $840,000 Selling price per pair of skis $420 Variable selling expense per pair of s..

How to create simple indexed files : How to create simple indexed files and multiple indexed files in file structures in c++?

Will the increasing number of women in law enforcement : Will the increasing number of women in law enforcement and the military eventually tip the balance of power between men and women, resulting in greater gender equality in these workplaces?

How sensitive is the npv to changes : HI5002 Finance for Business What is the NPV of the project and how sensitive is the NPV to changes in the price of the new smart phone - You used Harvey Norman as a pure play company to estimate the cost of capital for HCL. Are there any potential p..

Reported as net cash flows from operating activities : Advance Systems Inc. reported the following information for 20X0 and 20X1: 20X0 20X1 Accounts receivable $101,000 $93,000 Prepaid expenses 5,000 6,000 Accounts payable 71,000 76,000 If Advance Systems uses the indirect method to prepare the operating..

Preferred stockholders received dividends : Fastlane Company has 50,000 shares of common stock and 20,000 shares of preferred stock outstanding. There was no change in the number of common or preferred shares outstanding during the year. Preferred stockholders received dividends this year tota..

Regards to the treatment of direct material costs : Which statement is FALSE in regards to the treatment of direct material costs under an activity-based costing system?

How the toxicant reacts differently to each family member : This paper should be a minimum of two pages in length. You are required to use three sources, one of which can be your textbook. All sources used, including your textbook, must be referenced; paraphrased and quoted material must have accompanying ..

What is the amount invested by the company in net assets : What is the amount invested by the company in net assets for the current year? (Hint use total assets less total liabilities). How does this amount differ from the value of net assets for each of the previous three years

User Account

All Pages