The following information relates to the Ridge Company: Net Income $365,000 Beginning Accounts Payable $119,000 Depreciation Expense 96,000 Ending Accounts Payable 146,000 Amortization of Intangible Assets 11,000 Purchase of Long-Term Assets with Cash 616,000 Beginning Accounts Receivable 420,000 Cash from Issuance of Long-Term Debt 200,000 Ending Accounts Receivable 439,000 Issuance of Stock for Cash 160,000 Beginning Inventory 516,000 Ending Inventory 560,000 Issuance of Stock for Long-Term Assets Purchase of Treasury Stock 110,000 64,000 Beginning Prepaid Expenses 48,000 Ending Prepaid Expenses 42,000 Assume that the indirect method is used. The Net Cash Flows from Financing Activities section will include a line item for a. $(110,000) O b. $(64,000) Oc. $(160,000) d. $616,000 e. $110,000

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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The following information relates to the Ridge Company:
Net Income
$365,000
Beginning Accounts Payable
$119,000
Depreciation Expense
96,000
Ending Accounts Payable
146,000
Amortization of Intangible Assets
11,000
Purchase of Long-Term Assets with Cash
616,000
Beginning Accounts Receivable
420,000
Cash from Issuance of Long-Term Debt
200,000
Ending Accounts Receivable
439,000
Issuance of Stock for Cash
160,000
Beginning Inventory
516,000
Ending Inventory
560,000
Issuance of Stock for Long-Term Assets
Purchase of Treasury Stock
110,000
64,000
Beginning Prepaid Expenses
48,000
Ending Prepaid Expenses
42,000
Assume that the indirect method is used.
The Net Cash Flows from Financing Activities section will include a line item for
a. $(110,000)
O b. $(64,000)
Oc. $(160,000)
d. $616,000
e. $110,000
Transcribed Image Text:The following information relates to the Ridge Company: Net Income $365,000 Beginning Accounts Payable $119,000 Depreciation Expense 96,000 Ending Accounts Payable 146,000 Amortization of Intangible Assets 11,000 Purchase of Long-Term Assets with Cash 616,000 Beginning Accounts Receivable 420,000 Cash from Issuance of Long-Term Debt 200,000 Ending Accounts Receivable 439,000 Issuance of Stock for Cash 160,000 Beginning Inventory 516,000 Ending Inventory 560,000 Issuance of Stock for Long-Term Assets Purchase of Treasury Stock 110,000 64,000 Beginning Prepaid Expenses 48,000 Ending Prepaid Expenses 42,000 Assume that the indirect method is used. The Net Cash Flows from Financing Activities section will include a line item for a. $(110,000) O b. $(64,000) Oc. $(160,000) d. $616,000 e. $110,000
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