Last year Cumpton Company reported a cost of goods sold of $40,000.Inventories decreased by $8,000 during the year, and accounts payableincreased by $11,000. The company uses the direct method to determinethe net cash provided by operating activities on the statement of cashflows. The cost of goods sold adjusted to a cash basis would be: *$21,000$59,000$32,000$29,000Mao Construction recently reported $20.50 million of sales, $12.60 millionof operating costs other than depreciation, and $3.00 million ofdepreciation. It had $8.50 million of bonds outstanding that carry a 7.0%interest rate, and its federal-plus-state income tax rate was 40%. Whatwas Mao's operating income, or EBIT, in millions? *$4.90O $3.97$3.57$4.41O $3.21

Cash flow statement indicates in and out of cash flows in business. Cash flow referred as the net…

Last year Cumpton Company reported a cost of goods sold of $40,000. Inventories decreased by $8,000 during the year, and accounts payable increased by $11,000. The company uses the direct method to determine the net cash provided by operating activities on the statement of cash flows. The cost of goods sold adjusted to a cash basis would be: * $21,000 $59,000 $32,000 $29,000

Last year Cumpton Company reported a cost of goods sold of $40,000. Inventories decreased by $8,000 during the year, and accounts payable increased by $11,000. The company uses the direct method to determine the net cash provided by operating activities on the statement of cash flows. The cost of goods sold adjusted to a cash basis would be: * $21,000 $59,000 $32,000 $29,000

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter6: Statement Of Cash Flows

Section: Chapter Questions

Problem 16E

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