Do you please solve this general accounting question? A company's income statement showed the following:Net Income $150,000Depreciation Expense = $40,000Gain on Sale of Plant Assets = $12,000An examination of the company's current assets and current liabilitiesshowed the following changes as a result of operating activities:Accounts Receivable decreased = $8,500Merchandise Inventory increased = $25,000Prepaid Expenses increased = $10,000Accounts Payable increased = $6,000Calculate the net cash provided or used by operating activities.

Step 1: Define Net Cash Provided by Operating ActivitiesNet cash provided by operating activities is…

Answered: A company's income statement showed the…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter12: Balanced Scorecard And Other Performance Measures

Section: Chapter Questions

Problem 6EA: During the current year, Sokowski Manufacturing earned income of $350,000 from total sales of...

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Fitz Company reports the following information. Selected Annual Income Statement Data Selected Year-End Balance Sheet Data Net income $ 391,000 Accounts receivable decrease $ 27,200 Depreciation expense 44,200 Inventory decrease 46,000 Amortization expense 8,000 Prepaid expenses increase 6,400 Gain on sale of plant assets 7,100 Accounts payable decrease 8,200 Salaries payable increase 1,900 Use the indirect method to prepare the operating activities section of its statement of cash flows for the year ended December 31. Note: Amounts to be deducted should be indicated with a minus sign.
A company's income statement showed the following: net income, $125,000; depreciation expense, $35,500; and gain on sale of plant assets, $9,500. An examination of the company's current assets and current liabilities showed the following changes as a result of operating activities: accounts receivable decreased $10,500; merchandise inventory increased $23,500; prepaid expenses decreased $7,300; accounts payable increased $4,500. Calculate the net cash provided or used by operating activities. A. $135,000. B. $147,800. C. $149,800. D. $175,800 E. $154,600.
K George Company had the following data for the current year. What is the income from continuing operations for the year? Net Sales $169,000 16,000 Discontinued Operations Gain (after tax) Cost of Goods Sold Income Tax rate 82,000 40% 14,000 Operating Expenses Other Income and (Expenses): Gain on Sale of Equipment Loss on Disposal of Equipment A. $73,000 OB. $45,000 OC. $60,000 OD. $75,000 8,000 (6,000) 27.
The following income statement and additional year-end information is provided. SONAD COMPANYIncome StatementFor Year Ended December 31 Sales $ 2,420,000 Cost of goods sold 1,185,800 Gross profit 1,234,200 Operating expenses Salaries expense $ 331,540 Depreciation expense 58,080 Rent expense 65,340 Amortization expenses—Patents 7,260 Utilities expense 26,620 488,840 745,360 Gain on sale of equipment 9,680 Net income $ 755,040 Accounts receivable $ 36,900 increase Accounts payable $ 10,425 decrease Inventory 36,800 increase Salaries payable 3,050 decrease Prepare the operating activities section of the statement of cash flows using the indirect method. (Amounts to be deducted should be indicated with a minus sign.) Statement of Cash Flows (partial) Cash flows from…
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Calculating the Average Total Assets and the Return on Assets The income statement, statement of retained earnings, and balance sheet for Santiago Systems are as follows: Santiago Systems Income Statement For the Year Ended December 31, 20X2 Amount Percent Net sales $5,345,000 100.0% Less: Cost of goods sold (3,474,250) 65.0 Gross margin $1,870,750 35.0 Less: Operating expenses (1,140,300) 21.3 Operating income $730,450 13.7 Less: Interest expense (27,000) 0.5 Income before taxes Less: Income taxes (40%)* $703,450 13.2 (281,380) 5.3 Net income $422,070 7.9 * Includes both state and federal taxes.
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The following income statement and additional year-end information is provided. SONAD COMPANY Income Statement For Year Ended December 31 Sales $ 1,710,000 Cost of goods sold 837,900 Gross profit 872,100 Operating expenses Salaries expense $ 234,270 Depreciation expense 41,040 Rent expense 46,170 Amortization expenses—Patents 5,130 Utilities expense 18,810 345,420 526,680 Gain on sale of equipment 6,840 Net income $ 533,520 Accounts receivable $ 26,000 increase Accounts payable $ 15,650 decrease Inventory 27,075 increase Salaries payable 3,850 decrease Prepare the operating activities section of the statement of cash flows using the direct method. Note: Amounts to be deducted should be indicated with a minus sign.

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