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, 2020 | December 31, 2021 |
| Accounts receivable | $ 67,000 | $ 62,000 |
| Inventory | 140,000 | 147,000 |
| Accounts payable | 32,000 | 44,000 |
| Accrued liabilities | 12,000 | 10,000 |
| 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.
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