Unit 21 The net income reported on the income statement for the current year was $310,000.Depreciation recorded on fixed assets and amortization of patents for the year wereassets ducesassets increS40,000 and S9,000, respectively. Balances of current asset and current liabilityaccounts at the end and at the beginning of the year are as follows:EndBeginning$50,000 $60,000112,000 108,000105,000 93,000.6,500+89,000-CashAccounts recervableInventoriesPrepaid expensesAccounts payable (merchandise creditors)4,50075,000What is the amount of cash flows from operating activities reported on the statement of cashflows prepared by the indirect method?a $233,000b. $289.000e S387,000d. $331,0002 Accounts receivable arising from trade transactions amounted to $62,000 and $78.000at the beginning and end of the year, respectively. Net income reported on the incomestatement for the year was $125,000. Exclusive of the effect of other adjustments, thecash flows from operating activities to be reported on the statement of cash flowsprepared by the indirect method are:a S109,000b S141,000c. S125,000d. S140,0003 From the following data for David ProElecticals, calculate the quick ratio.CashAccounts receivableInventoriesPrepaid expensesTotal current assetsLess current liabilities 275.000Working capital$ 68,500130,000213,00025.000$436,500S161,500a16b07c.03d. 15

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What is the amount of cash flows from operating activities reported on the statement of cash flows prepared by the indirect method? a $233,000 b.S289.000 e 387,000 d $331,000

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter7: Fixed Assets, Natural Resources, And Intangible Assets

Section: Chapter Questions

Problem 7.3.3MBA

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