Current Attempt in Progress The comparative statement of financial position for Crane Corporation shows the following noncash current asset and liability accounts at March 31: 2021 2020 Accounts receivable $60,000 $46,000 Inventory 78,000 63,500 Accounts payable 29,500 47,000 Dividends payable 1,300 2,100 Crane's statement of income reported the following selected information for the year ended March31, 2021: net income was $280,000, depreciation expense was $69,000, and a loss on the disposal of land was $19,000. Crane uses a perpetual inventory system. Calculate net cash provided (used) by operating activities using the indirect method. (Show amounts that decrease cash flow with either a-sign e.g. -15,000 or in parenthesis e.g. (15,000).)
Current Attempt in Progress The comparative statement of financial position for Crane Corporation shows the following noncash current asset and liability accounts at March 31: 2021 2020 Accounts receivable $60,000 $46,000 Inventory 78,000 63,500 Accounts payable 29,500 47,000 Dividends payable 1,300 2,100 Crane's statement of income reported the following selected information for the year ended March31, 2021: net income was $280,000, depreciation expense was $69,000, and a loss on the disposal of land was $19,000. Crane uses a perpetual inventory system. Calculate net cash provided (used) by operating activities using the indirect method. (Show amounts that decrease cash flow with either a-sign e.g. -15,000 or in parenthesis e.g. (15,000).)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Current Attempt in Progress
The comparative statement of financial position for Crane Corporation shows the following noncash current asset and liability
accounts at March 31:
2021
2020
Accounts receivable
$60,000
$46,000
Inventory
78,000
63,500
Accounts payable
29,500
47,000
Dividends payable
1,300
2,100
Crane's statement of income reported the following selected information for the year ended March31, 2021: net income was
$280,000, depreciation expense was $69,000, and a loss on the disposal of land was $19,000. Crane uses a perpetual inventory
system. Calculate net cash provided (used) by operating activities using the indirect method. (Show amounts that decrease cash flow with
either a -sign e.g. -15,000 or in parenthesis e.g. (15,000).)
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