Tyler Company has net income of $49,000 and th following items: Depreciation Expense $ 5,000 Accounts Receivable increase 2,000 Inventory increase 10,000 Accounts payable decrease 4,00 Using the indirect method, what is Tyler's cash flo from operating activities? Select one: a. $38,000

Tyler Company has net income of $49,000 and th following items: Depreciation Expense $ 5,000 Accounts Receivable increase 2,000 Inventory increase 10,000 Accounts payable decrease 4,00 Using the indirect method, what is Tyler's cash flo from operating activities? Select one: a. $38,000

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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Ravenna Company is a merchandiser using the indirect method to prepare the operating activities section of its statement of cash flows. Its balance sheet for this year is as follows: Ending Balance Beginning Balance Cash and cash equivalents $ 89,000 $ 106,750 Accounts receivable 71,500 77,000 Inventory 96,000 87,500 Total current assets 256,500 271,250 Property, plant, and equipment 255,000 245,000 Less accumulated depreciation 85,000 61,250 Net property, plant, and equipment 170,000 183,750 Total assets $ 426,500 $ 455,000 Accounts payable $ 56,000 $ 99,500 Income taxes payable 43,500 57,000 Bonds payable 105,000 87,500 Common stock 122,500 105,000 Retained earnings 99,500 106,000 Total liabilities and stockholders’ equity $ 426,500 $ 455,000 During the year, Ravenna paid a $10,500 cash dividend and sold a piece of equipment for $5,250 that originally cost $12,000 and had accumulated depreciation of $8,000. The company did not retire any bonds or…
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