Question

MC Qu. 129 A companys income statement... A company's income statement showed the following: net income,...

MC Qu. 129 A companys income statement...

A company's income statement showed the following: net income, $148,000 and depreciation expense, $37,200. An examination of the company's current assets and current liabilities showed the following changes as a result of operating activities: accounts receivable decreased $11,800; merchandise inventory increased $22,800; and accounts payable increased $5,800. Calculate the net cash provided or used by operating activities.

Multiple Choice

$144,800.

$180,000.

$142,000.

$214,000.

$190,400.

MC Qu. 170 Fernwood Company is...

Fernwood Company is preparing the company's statement of cash flows for the fiscal year just ended. The following information is available:

Retained earnings balance at the beginning of the year $ 313,000
Cash dividends declared for the year 70,000
Proceeds from the sale of equipment 120,200
Gain on the sale of equipment 6,900
Cash dividends payable at the beginning of the year 30,800
Cash dividends payable at the end of the year 38,000
Net income for the year 154,000

The amount of cash paid for dividends was:

Multiple Choice:

$70,000.

$62,800.

$84,000.

$85,200.

$68,800.

Homework Answers

Answer #1
129
Net income 148000
Adjustments:
Depreciation expense 37200
Accounts receivable decrease 11800
Merchandise inventory increase -22800
Accounts payable increase 5800
Net cash provided by operating activities 180000
170
Cash dividends declared for the year 70000
Add: Cash dividends payable at the beginning of the year 30800
Less: Cash dividends payable at the end of the year -38000
Amount of cash paid for dividends 62800
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