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Use the following information and the indirect method to calculate the net cash provided or used by operating activities: Net income $13,300 Depreciation expense 13,000 Payment on mortgage payable 16,000 Gain on sale of land 7,300 Increase in merchandise inventory 3,050 Increase in accounts payable 7,150 Proceeds from the sale of land 8,500 a. $37,700. b. $15,600. c. $14,600. d. $30,400. e. $23,100.

Use the following information and the indirect method to calculate the net cash provided or used by operating activities: Net income $13,300 Depreciation expense 13,000 Payment on mortgage payable 16,000 Gain on sale of land 7,300 Increase in merchandise inventory 3,050 Increase in accounts payable 7,150 Proceeds from the sale of land 8,500 a. $37,700. b. $15,600. c. $14,600. d. $30,400. e. $23,100.

FINANCIAL ACCOUNTING
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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Use the following information and the indirect method to calculate the net cash provided or used by operating activities: Net income $13,300 Depreciation expense 13,000 Payment on mortgage payable 16,000 Gain on sale of land 7,300 Increase in merchandise inventory 3,050 Increase in accounts payable 7,150 Proceeds from the sale of land 8,500 a. $37,700. b. $15,600. c. $14,600. d. $30,400. e. $23,100.
Transcribed Image Text:Use the following information and the indirect method to calculate the net cash provided or used by operating activities: Net income $13,300 Depreciation expense 13,000 Payment on mortgage payable 16,000 Gain on sale of land 7,300 Increase in merchandise inventory 3,050 Increase in accounts payable 7,150 Proceeds from the sale of land 8,500 a. $37,700. b. $15,600. c. $14,600. d. $30,400. e. $23,100.
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