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3 Questions, Help ! Brief Exercise 17-07 x Your answer is incorrect. Try again. The T-accounts for Equipment and the related Accumulated Depreciation-Equipment for Luo
3 Questions, Help !
Brief Exercise 17-07 x Your answer is incorrect. Try again. The T-accounts for Equipment and the related Accumulated Depreciation-Equipment for Luo Company at the end of 2020 are shown here. 22,700 Equipment Beg. bal. 82,400 Disposals Acquisitions 36,500 End. bal. 96,200 Accumulated Depreciation Equipment Disposals 8,500 Beg. bal. Depr. exp. End. bal. 46,800 13,000 51,300 In addition, Luo's income statement reported a loss on the disposal of plant assets of $6,100. What amount was reported on the statement of cash flows as "cash flow from sale of equipment"? (Show amount that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Cash flow from sale of equipment Brief Exercise 17-04 Telfer, Inc. reported net income of $2.8 million in 2020. Depreciation for the year was $158,900, accounts receivable decreased $342,500, and accounts payable decreased $255,200. Compute net cash provided by operating activities using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Telfer, Inc. Statement of Cash Flows-Indirect Approach Adjustments to reconcile net income to $ Gutierrez Company reported net income of $194,800 for 2020. Gutierrez also reported depreciation expense of $43,200 and a loss of $5,500 on the disposal of plant assets. The comparative balance sheet shows a decrease in accounts receivable of $16,900 for the year, a $18,900 increase in accounts payable, and a $3,100 decrease in prepaid expenses. Prepare the operating activities section of the statement of cash flows for 2020. Use the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) GUTIERREZ COMPANY Partial Statement of Cash Flows Adjustments to reconcile net income to it')Step by Step Solution
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