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Author Question: The following balances were gathered from Newport Industries general ledger.December 31, ... (Read 65 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
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am7272

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

rleezy04

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Reply 3 on: Yesterday
Excellent

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