Reference no: EM132934246
Problem 1: When the indirect method is used to calculate and report net cash provided or used by operating activities, net income is adjusted for all, but which of the following?
1-Changes in non-current assets and non-current liabilities.
2-Gains and losses of non-operating items.
3-Depreciation and amortization expenses.
4-Changes in current liabilities related to operating activities.
5-Income and expenses that did not contribute or use cash.
Problem 2: When preparing a statement of cash flows using the indirect method, each of the following should be classified as an operating cash flow except:
1-Product of the sale of a long-term asset without gains or losses.
2-An increase in accounts receivable.
3-Decrease in increased expenses payable.
4-Decrease in accounts payable.
5-An increase in expenses paid in advance.
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