The comparative statement of financial position for Crane Corporation shows the following noncash current asset and liability accounts at March 31: 2024 2023 Accounts receivable $61,000 $41,000 Inventory 70,000 61,500 Accounts payable 32,000 45,000 Dividends payable 1,000 2,000 Crane's statement of income reported the following selected information for the year ended March 31, 2024: net income was $280,000, depreciation expense was $68,000, and a loss on the disposal of land was $10,000. 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).) CRANE CORPORATION Statement of Cash Flows (Partial) Adjustments to reconcile net income to $
The comparative statement of financial position for Crane Corporation shows the following noncash current asset and liability accounts at March 31: 2024 2023 Accounts receivable $61,000 $41,000 Inventory 70,000 61,500 Accounts payable 32,000 45,000 Dividends payable 1,000 2,000 Crane's statement of income reported the following selected information for the year ended March 31, 2024: net income was $280,000, depreciation expense was $68,000, and a loss on the disposal of land was $10,000. 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).) CRANE CORPORATION Statement of Cash Flows (Partial) Adjustments to reconcile net income to $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please introduction and correct and incorrect option explain!
Transcribed Image Text:The comparative statement of financial position for Crane Corporation shows the following noncash current asset and liability
accounts at March 31:
2024
2023
Accounts receivable $61,000 $41,000
Inventory
70,000
61,500
Accounts payable
32,000
45,000
Dividends payable
1,000
2,000
Crane's statement of income reported the following selected information for the year ended March 31, 2024: net income was
$280,000, depreciation expense was $68,000, and a loss on the disposal of land was $10,000. 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).)
CRANE CORPORATION
Statement of Cash Flows (Partial)
Adjustments to reconcile net income to
$
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