Ivanhoe Corporation reported the following information for the year ended December 31:Balance sheet accounts: 2024Accounts receivableInventoryPrepaid expensesAccounts payableIncome tax payable2023$93,500 66,00068,20060,5005,5009,90038,500 46,20015,4009,900Net cashSave for LaterIncome statement accounts:SalesGain on sale of landCost of goods soldOperating expensesDepreciation expenseIncome tax expense2024$412,50016,500165,00082,50022,000Calculate the net cash provided (used) by operating activities using the direct method. (Show amounts that decrease cash flow with eithera-sign e.g.-15,000 or in parenthesis e.g. (15,000).)operating activities55,000Attempts: 0 of 15 used Submit Answer

It is a section of the Statement of cash flow that explains the sources and uses of cash from the…

Ivanhoe Corporation reported the following information for the year ended December 31: Balance sheet accounts: Accounts receivable Inventory Prepaid expenses Accounts payable Income tax payable 2023 Income statement accounts: 66,000 Sales 60,500 Gain on sale of land 9,900 Cost of goods sold 38,500 46,200 Operating expenses 15,400 9,900 Depreciation expense Income tax expense Net cash 2024 $93,500 68,200 5,500 Calculate the net cash provided (used) by operating activities using the direct method. (Show amounts that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis e.g. (15,000).) 2024 $412,500 16,500 165,000 82,500 22,000 55,000 operating activities $

Ivanhoe Corporation reported the following information for the year ended December 31: Balance sheet accounts: Accounts receivable Inventory Prepaid expenses Accounts payable Income tax payable 2023 Income statement accounts: 66,000 Sales 60,500 Gain on sale of land 9,900 Cost of goods sold 38,500 46,200 Operating expenses 15,400 9,900 Depreciation expense Income tax expense Net cash 2024 $93,500 68,200 5,500 Calculate the net cash provided (used) by operating activities using the direct method. (Show amounts that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis e.g. (15,000).) 2024 $412,500 16,500 165,000 82,500 22,000 55,000 operating activities $

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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