Question

Fox, Inc. reported net income of $300,000 for the current. Changes occurred in several balance sheet...

Fox, Inc. reported net income of $300,000 for the current. Changes occurred in several balance sheet

accounts as follows:

Equipment $25,000 increase

Accumulated depreciation 30,000 increase

Note payable 30,000 increase

Additional current year information:

• During the year, Fox received $10,000 for the sale of equipment costing $25,000, with accumulated depreciation of $11,000.

• In December, Fox purchased equipment costing $50,000 with $20,000 cash and a 12% note payable of $30,000.

In Fox's statement of cash flows for the year, net cash provided by operating activities should be:

Group of answer choices

$334,000

$345,000

$344,000

$357,000

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
The net income for the current year was $30,000. The following items occurred throughout the year....
The net income for the current year was $30,000. The following items occurred throughout the year. Using the indirect method, determine the net cash provided/(used) by operating activities. Decrease in Cash of 3,500 Increase in short-term investments of $4,500 Decrease in inventory of $6,000 Decrease in prepaid expenses of $1,000 Increase in accounts receivable of $5,500 Loss on disposal of plant asset $3,000 Increase in salary payable of $2,000 Decrease in accounts payable of $7,000 Increase in dividends payable of...
The net income reported on the income statement of Hunter Inc. for the current year was...
The net income reported on the income statement of Hunter Inc. for the current year was $150,000. Depreciation recorded on equipment and building amounted to $45,000 for the year. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: Account End of Year Beginning of Year Cash 42,875 36,250 Trade Receivables (net) 147,500 137,500 Inventories 109,375 93,750 Prepaid Expenses 9,250 11,875 Accounts Payable 57,000 40,000 Salaries Payable 7,625 10,625 Dividends...
The net income reported on the income statement for the current year was $73,600. Depreciation recorded...
The net income reported on the income statement for the current year was $73,600. Depreciation recorded on store equipment for the year amounted to $27,400. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End of Year Beginning of Year Cash $23,500 $18,700 Accounts receivable (net) 56,000 48,000 Merchandise inventory 35,500 40,000 Prepaid expenses 4,750 7,000 Accounts payable (merchandise creditors) 21,800 16,800 Wages payable 4,900 5,800 Required: A. Prepare...
Illies Corporation's comparative balance sheet appears below: Comparative Balance Sheet Ending Balance Beginning Balance Assets: Current...
Illies Corporation's comparative balance sheet appears below: Comparative Balance Sheet Ending Balance Beginning Balance Assets: Current assets: Cash and cash equivalents $ 48,000 $ 41,000 Accounts receivable 27,000 29,800 Inventory 75,000 77,800 Total current assets 150,000 148,600 Property, plant, and equipment 382,000 355,000 Less accumulated depreciation 172,000 140,000 Net property, plant, and equipment 210,000 215,000 Total assets $ 360,000 $ 363,600 Liabilities and stockholders' equity: Current liabilities: Accounts payable $ 26,000 $ 27,800 Accrued liabilities 62,000 67,800 Income taxes payable...
Burns Corporation's net income last year was $99,200. Changes in the company's balance sheet accounts for...
Burns Corporation's net income last year was $99,200. Changes in the company's balance sheet accounts for the year appear below: Increases (Decreases) Asset and Contra-Asset Accounts: Cash and cash equivalents $ 20,700 Accounts receivable $ 13,300 Inventory $ (16,300 ) Prepaid expenses $ 4,200 Long-term investments $ 11,000 Property, plant, and equipment $ 75,600 Accumulated depreciation $ 34,100 Liability and Equity Accounts: Accounts payable $ (19,600 ) Accrued liabilities $ 17,400 Income taxes payable $ 4,300 Bonds payable $ (66,000...
The balance sheet for December 31, 2018, December 31, 2017, and the income statement for the...
The balance sheet for December 31, 2018, December 31, 2017, and the income statement for the year ended December 31, 2018, for Rocket Company follows. Rocket Company Balance Sheet December 31, 2018 and 2017 2018    2017 Assets Cash $ 25,000    $ 20,000 Accounts receivable, net 60,000    70,000 Inventory 80,000    100,000 Land 50,000    50,000 Building and equipment 130,000*   115,000 Accumulated depreciation (85,000)   (70,000) Total assets $260,000    $285,000 Liabilities and Stockholders' Equity Accounts payable $ 30,000    $ 35,000 Income taxes payable 4,000   ...
The net income reported on the income statement for the current year was $139,400. Depreciation recorded...
The net income reported on the income statement for the current year was $139,400. Depreciation recorded on store equipment for the year amounted to $23,000. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End of year Beginning of Year Cash $56,740 $51,630 Accounts Recievable (net) 40,680 38,150 Merchandise inventory 55,550 58,080 Prepaid expenses 6,240 4,900 Accounts Payable (merchandise creditors) 53,170 48,840 Wages payable 29,050 31,910 Prepare the Cash...
The net income reported on the income statement for the current year was $250,300. Depreciation recorded...
The net income reported on the income statement for the current year was $250,300. Depreciation recorded on equipment and a building amounted to $74,800 for the year. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End of Year Beginning of Year Cash $66,580 $69,240 Accounts receivable (net) 84,420 85,440 Inventories 166,450 147,200 Prepaid expenses 9,250 9,760 Accounts payable (merchandise creditors) 74,370 77,270 Salaries payable 10,720 9,620 a. Prepare...
Wickersham Brothers, Inc. reported the following information: 2018 2017 Balance Sheet Assets     Cash $50,000 $72,000     Accounts...
Wickersham Brothers, Inc. reported the following information: 2018 2017 Balance Sheet Assets     Cash $50,000 $72,000     Accounts Receivable 80,000 70,000     Merchandise Inventory 60,000 65,000     Property And Equipment 110,000 60,000     Less: Accumulated Depreciation (30,000) (15,000) Total Assets $270,000 $252,000 Liabilities:     Accounts Payable $10,000 $12,000     Salaries and Wages Payable 2,000 1,000     Bonds Payable, Long-Term 50,000 60,000 Stockholders’ Equity:     Common Stock 100,000 80,000     Retained Earnings 108,000   99,000 Total Liabilities and Stockholders’ Equity $270,000 $252,000 Income Statement     Sales $200,000     Cost of Goods Sold 110,000     Depreciation...
Megan Corporation's net income last year was $109,000. Changes in the company's balance sheet accounts for...
Megan Corporation's net income last year was $109,000. Changes in the company's balance sheet accounts for the year appear below: Increases (Decreases) Asset and Contra-Asset Accounts: Cash and cash equivalents $ (11,800 ) Accounts receivable $ (25,000 ) Inventory $ 8,500 Prepaid expenses $ (14,700 ) Long-term investments $ 91,000 Property, plant, and equipment $ 77,000 Accumulated depreciation $ 80,000 Liability and Equity Accounts: Accounts payable $ 0 Accrued liabilities $ 20,380 Income taxes payable $ (13,080 ) Bonds payable...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT