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Author Question: Michael's Industries reported net income of $10,000 and paid cash dividends of $2,000. Changes in ... (Read 54 times)

olsonmanny@gmail.com

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on: Feb 5, 2023

Question 1

Which of the following items is not included in the calculation of cash flows provided by operating activities using the indirect method?
◦ Gain on the sale of equipment
◦ Depreciation expense
◦ Net income
◦ Repayment of long-term debt

Question 2

Michael's Industries reported net income of $10,000 and paid cash dividends of $2,000. Changes in balance sheet accounts for the year were as follows:


​​Increase (Decrease)
Accounts receivable($5,000)
Inventory3,000  
Property, plant and equipment15,000  
Accumulated depreciation3,000  
Depreciation expense1,000  
Accounts payable6,000  
Accrued liabilities(2,000)

What is the amount of net cash provided by operations?
◦ $17,000
◦ $14,000
◦ $30,000
◦ $1,000
Managerial Accounting ¦ Davis ¦ 4th Edition
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Marked as best answer by olsonmanny@gmail.com on Feb 5, 2023

hiyayyay

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Reply #1 on: Feb 5, 2023
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olsonmanny@gmail.com

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Reply 2 on: Feb 5, 2023
Great answer, keep it coming :)

jamesnevil303

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Reply 3 on: Yesterday
Wow, this really help

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