Author Question: The following balances were gathered from Newport Industries general ledger.December 31, ... (Read 15 times)

am7272 · **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, 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.

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

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