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28 Sep 2019
Majorn Auto Parts Store had net income of $82,000 for the yearjust ended. Majorn collected the following additional informationto prepare its statement of cash flows for the year:
Increase inaccounts receivable $104,000 Decrease ininventory $19,000 Decrease inaccounts payable $36,000 Increase inretained earnings $30,000 Cashreceived from sale of building $216,000 Gain onsale of building $48,000 Depreciation expense $33,000
Majorn uses the indirect method to prepare its statement of cashflows. What is Majorn's net cash provided (used) by operatingactivities?
$188,000
$282,000
$(54,000)
$42,000
2)
Sonier Corporation's most recent balance sheet appearsbelow:
Sonier Corporation's
Comparative Balance Sheet Ending
Balance Beginning
Balance Assets: Cash and cashequivalents $ 54 $ 46 Accountsreceivable 97 90 Inventory 79 76 Property, plant andequipment 648 560 Less: accumulateddepreciation 268
232
Total assets $610
$540
Liabilitiesand stockholders' equity: Accountspayable $70 $ 68 Bonds payable 304 360 Common stock 35 32 Retainedearnings 201
80
Total liabilitiesand stockholders' equity $610
$540
The net income for the year was $172. Cash dividends were $51.The company did not issue any bonds or repurchase any of its commonstock during the year. The net cash provided by (used in) financingactivities for the year was:
$3
$(104)
$(51)
$(56)
Majorn Auto Parts Store had net income of $82,000 for the yearjust ended. Majorn collected the following additional informationto prepare its statement of cash flows for the year: |
Increase inaccounts receivable | $104,000 |
Decrease ininventory | $19,000 |
Decrease inaccounts payable | $36,000 |
Increase inretained earnings | $30,000 |
Cashreceived from sale of building | $216,000 |
Gain onsale of building | $48,000 |
Depreciation expense | $33,000 |
Majorn uses the indirect method to prepare its statement of cashflows. What is Majorn's net cash provided (used) by operatingactivities? |
$188,000
$282,000
$(54,000)
$42,000
2)
Sonier Corporation's most recent balance sheet appearsbelow: |
Sonier Corporation's Comparative Balance Sheet | ||
Ending Balance | Beginning Balance | |
Assets: | ||
Cash and cashequivalents | $ 54 | $ 46 |
Accountsreceivable | 97 | 90 |
Inventory | 79 | 76 |
Property, plant andequipment | 648 | 560 |
Less: accumulateddepreciation | 268 | 232 |
Total assets | $610 | $540 |
Liabilitiesand stockholders' equity: | ||
Accountspayable | $70 | $ 68 |
Bonds payable | 304 | 360 |
Common stock | 35 | 32 |
Retainedearnings | 201 | 80 |
Total liabilitiesand stockholders' equity | $610 | $540 |
The net income for the year was $172. Cash dividends were $51.The company did not issue any bonds or repurchase any of its commonstock during the year. The net cash provided by (used in) financingactivities for the year was: |
$3
$(104)
$(51)
$(56)
Deanna HettingerLv2
28 Sep 2019