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Author Question: The following balances were gathered from Newport Industries general ledger.December 31, ... (Read 16 times)

am7272

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on: Feb 5, 2023

Question 1

Classify each of the following items as a source or use of cash. Then classify each item as a cash flow provided by an operating, investing, or financing activity.  Place an X in each appropriate column. Assume transactions involve cash unless otherwise stated.



Question 2

The following balances were gathered from Newport Industries general ledger.

​December 31, 2020December 31, 2021
Accounts receivable$  67,000$  62,000
Inventory140,000147,000
Accounts payable32,00044,000
Accrued liabilities12,00010,000
Sales​320,000
Cost of goods sold​140,000
Operating expenses (includes $7,000 depreciation)​72,000
Loss on sale of land​6,000
Income tax expense​22,000
Required:

Using the indirect method, prepare the cash flows provided by operating activities section of Newport's statement of cash flows for 2021.
Managerial Accounting ¦ Davis ¦ 4th Edition
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Marked as best answer by am7272 on Feb 5, 2023

kaelamcrone

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Reply #1 on: Feb 5, 2023
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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am7272

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Reply 2 on: Feb 5, 2023
YES! Correct, THANKS for helping me on my review

carojassy25

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Reply 3 on: Yesterday
Excellent

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