Current Attempt in Progress The comparative statement of financial position for Crane Corporation shows the following noncash current asset and liability accounts at March 31: 2021 2020 Accounts receivable $60,000 $46,000 Inventory 78,000 63,500 Accounts payable 29,500 47,000 Dividends payable 1,300 2,100 Crane's statement of income reported the following selected information for the year ended March31, 2021: net income was $280,000, depreciation expense was $69,000, and a loss on the disposal of land was $19,000. Crane uses a perpetual inventory system. Calculate net cash provided (used) by operating activities using the indirect method. (Show amounts that decrease cash flow with either a-sign e.g. -15,000 or in parenthesis e.g. (15,000).)

Current Attempt in Progress The comparative statement of financial position for Crane Corporation shows the following noncash current asset and liability accounts at March 31: 2021 2020 Accounts receivable $60,000 $46,000 Inventory 78,000 63,500 Accounts payable 29,500 47,000 Dividends payable 1,300 2,100 Crane's statement of income reported the following selected information for the year ended March31, 2021: net income was $280,000, depreciation expense was $69,000, and a loss on the disposal of land was $19,000. Crane uses a perpetual inventory system. Calculate net cash provided (used) by operating activities using the indirect method. (Show amounts that decrease cash flow with either a-sign e.g. -15,000 or in parenthesis e.g. (15,000).)

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter7: Operating Assets

Section: Chapter Questions

Problem 24CE

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