Author Question: Michael's Industries reported net income of $10,000 and paid cash dividends of $2,000. Changes in ... (Read 16 times)

olsonmanny@gmail.com · **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)
Inventory	3,000
Property, plant and equipment	15,000
Accumulated depreciation	3,000
Depreciation expense	1,000
Accounts payable	6,000
Accrued liabilities	(2,000)

What is the amount of net cash provided by operations?
◦ $17,000
◦ $14,000
◦ $30,000
◦ $1,000

hiyayyay · **Reply #1 on:** Feb 5, 2023

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