Reference no: EM13343385
The net income reported on the income statement for the current year was $275,000. Depreciation recorded on fixed assets and amortization of patents for the year were $40,000 and $9,000, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows:
-What is the amount of cash flows from operating activities reported on the statement of cash flows prepared by the indirect method?
a. $352,000
b. $198,000
c. $324,000
d. $296,000
-A building with a book value of $ 46,000 is sold for $51,000 cash Using the indirect method, this transaction should be shown on the statement of cash flows as follows:
a. an increase of $46,000 from investing activities and an addition to net income of $5,000
b. an increase of $46,000 from investing activities
c. an increase of $51,000 from investing activities
d. an increase of $51,000 from investing activities and a deduction from net income of $5,000
-If a gain of $9,000 is incurred in selling (for cash) office equipment having a book value of $55,000, the total amount reported in the cash flows from investing activities section of the statement of cash flows is
a. $9,000
b. $46,000
c. $64,000
d. $55,000
-Which of the following below generally is the most useful in analyzing companies of different sizes
a. comparative statements
b. audit report
c. common-sized financial statements
d. price-level accounting
-A company with working capital of $500,000 and a current ratio of 2.5 pays a $85,000 short-term liability. The amount of working capital immediately after payment is
a. $85,000
b. $500,000
c. $585,000
d. $415,000
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: A building with a book value of $ 46,000 is sold for $51,000 cash Using the indirect method, this transaction should be shown on the statement of cash flows as follows.
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