9. Camper Van Company purchased equipment for $2,300 cash. As a result of this event. a. owner's equity decreased by $2,300. b. total assets increased by $2,300. c. total assets remained unchanged. d. owner's equity decreased and total assets increased by $2,300.

Net income reported on the income statement for the current year was $240,000. Depreciation was $52,000. Accounts receivable and inventories decreased by $5,000 and $15,000, respectively. Prepaid expenses and accounts payable increased, respectively, by $500 and $14,000. Investments were sold at a loss of $20,000. How much cash was provided by operating activities? O $345.500 O $317,500 O $307,500 O $258,500

Prepare the journal entry for the following transactions: (1) Geysler Company sold some old equipment that initially cost $30,000 and had $25,000 of accumulated depreciation and received cash in the amount of $2,000. (2) Assume the same facts except Geysler received $8,000. 1) general journal.  desscrcription.     debit.   credit cash.                        ?           ?  accum. deprec.      ?            ? ?                                ?            ? ?                                ?            ? 2) general journal.  desscrcription.     debit.   credit cash.                        ?           ?  ?                                ?            ? ?                                ?            ? equipment.              ?            ?

Baxter Company reported a net loss of $13,000 for the year ended December 31. During the year, accounts receivable decreased by $5,000, inventory increased by $8,000, accounts payable increased by $10,000, and depreciation expense of $4,000 was recorded. During the year, operating activities Oa. used net cash of $8,000 Ob. provided net cash of $8,000 Oc. provided net cash of $2,000 Od. used net cash of $2,000 w Article Summary Writi...

3. Sonesta Farm equipment Company sold equipment for cash. The income statement shows a loss on sale of $7,000. The net book value of the asset prior to the sale was $26,900. Which of the following statements describes the cash effect of the transaction? A) positive cash flow of $19,900 from investing activities B) negative cash flow of $19,900 for operating activities C) negative cash flow of $19,900 for financing activities D) positive cash flow of $33,900 from financing activities

The income statement disclosed the following items for the year: Depreciation expense $40,700 Gain on disposal of equipment 23,760 Net income 254,700 The changes in the current asset and liability accounts for the year are as follows: Increase (Decrease) Accounts receivable $6,340 Inventory (3,610) Prepaid insurance (1,350) Accounts payable (4,300) Income taxes payable 1,350 Dividends payable 950 a. Prepare the Cash Flows from (used for) 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. Statement of Cash Flows (partial) Cash flows from (used for) operating activities: Adjustments to reconcile net income to net cash flows from (used for) operating activities: Changes in current operating assets and liabilities: Net cash flows from operating activities b. Why is net cash flows from operating activities different than net income? Cash flows…

5. Which of the following statements is not true? a. If total assets decreased by P300,000 during the period and owner's equity decreased by P 200,000, liabilities decreased by P100,000 for the period. b. If total assets increased by P 450,000 for the period and liabilities decreased by P 200.0 owner's equity increased by P650,000 c. If the total assets decreased by P 500,000 curing a specific perice and owner's equity decreased by P 300.000 during the same per of the period's change in total liabilitics was a P 800.000 decrease. d. If the assets owned by a company were P 800,000 and owners equity localled P 350,000 fur the pcriod, labili pes are P450,000

IV. The net income reported on the income statement for the current year was P255,800. Depreciation recorded on equipment and a building amounted to P53,500 for the year. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End of the year Beginning of the year Cash P 42,000 P 44,200 Accounts receivable (net) 56,400 67,000 Inventories 125,900 112,600 Prepaid expenses 5,800 6,000 Accounts payable (merchandise creditors) 61,400 67,500 Salaries payable 8,300 7,900 Required: Prepare the cash flows from operating activities section of the statement of cash flows, using the indirect method.

The income statement disclosed the following items for the current year: Depreciation expense $36,000 Gain on disposal of equipment 21,000 Net income 317,500 Balances of the current assets and current liabilities accounts changed between December 31, last year, and December 31, this year, as follows: Increase in accounts receivable $5,600 Decrease in inventory 3,200 Decrease in prepaid insurance 1,200 Decrease in account payable 3,800 Increase in income taxes payable 1,200 Increase in dividends payable 850 Prepare the Cash Flows from Operating Activities section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments.   Operating Activities Section   Cash flows from operating activities:       $   Adjustments to reconcile net income to net cash flow from operating activities:                 Changes in current operating assets…

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