Question
1) Kentucky Company uses the indirect method to prepare the statement of cash flows. Refer to the following income statement: Kentucky Company Income Statement Year
1) Kentucky Company uses the indirect method to prepare the statement of cash flows. Refer to the following income statement: Kentucky Company Income Statement Year Ended December 31, 2019 Sales Revenue $250,000 Interest Revenue 2200 Gain on Sale of Plant Assets 5100 Total Revenues and Gains $257,300 Cost of Goods Sold 124,000 Salary Expense 41,000 Depreciation Expense 14,000 Other Operating Expenses 23,000 Interest Expense 1900 Income Tax Expense 5200 Total Expenses 209,100 $48,200 Net Income (Loss) Additional information provided by the company includes the following: 1. Current assets, other than cash, increased by $20,000. 2. Current liabilities decreased by $1500. Compute the net cash provided by (used for) operating activities. A) $11,700 B) $40,700 C) $35,600 D) $26,700
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