Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

17) Apple Corporation had net income for 2021 of $2,500,000. Additional information is as follows: Depreciation of plant assets Amortization of bond premium Decrease in

image text in transcribed
17) Apple Corporation had net income for 2021 of $2,500,000. Additional information is as follows: Depreciation of plant assets Amortization of bond premium Decrease in accounts receivable Increase in accounts payable $800,000 200,000 420,000 440,000 Apple's net cash provided (used) by operating activities for 2021 was 18) Blue Sky Company reported net income of $520,000 for the year ended 12/31/21. Included in the computation of net income were: amortization of a patent, $40,000; income from an investment in common stock of Grape Inc., accounted for under the equity method, S62,000; and amortization of a bond discount, $17,000. Blue Sky also paid a $50,000 dividend during the year. The net cash provided (used) by operating activities would be reported at I 19) XYZ, Inc. reported net income of S65,000 for the year ended December 31, 2021. Included in net income were depreciation expense of $20,000 and a gain on sale of equipment of $5,400. The equipment had an historical cost of $70,000 and accumulated depreciation of S55,000. Each of the following accounts increased during 2021: Land $13,000 Prepaid rent $13,600 Available-for-sale securities $3,000 Prepaid expense $20,000 What is the amount of cash provided by or used by investing activities for XYZ, Inc. for the year ended December 31, 2021? 20) Jets Company reported net income of $400,000 for the year ended 12/31/21. Included in the computation of net income were: depreciation expense, 582,000; amortization of a patent, 555,000; and amortization of a bond discount, $12,000. Jets paid a 584,000 dividend during the year. The net cash provided by operating activities would be reported at MacBook Air

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions

Question

Design an 8-to-1 multiplexer.

Answered: 1 week ago