5 On December 31, 2022, Wellstone Company reported net profit of $70,000 and sales of $210,000 The company also reported beginning and ending accounts receivable at $20,000 and $25,000, respectively Wellstone will report cash collected from customers in its 2022 statement of cash flows (direct method) in the amount of A $215,000 B $285,000 C $135,000 D $205,000 6 Pickering Company's prepaid insurance was $8,000 as of December 31, 2021, and $10,000 as of December 31, 2022 Pickering reported insurance expense of $15,000 on the 2022 statement of profit or loss What amount would be reported in the statement of cash flows as insurance paid using the direct method A $13,000 B $17,000 C $15,000 D $23,000 7 Dooling Corporation reported balances in the following accounts for the current year Beginning Ending Inventories $600 $300 Accounts payable 300 500 Cost of goods sold was $7,500 What was the amount of cash paid to suppliers A $7,000 B $7,200 C $7,300 D $7,500 8 Sneed Corporation reported balances in the following accounts for the current year Beginning Ending Income tax payable $50 $30 Deferred tax liability 80 140 Income tax expense was $230 for the year What was the amount paid for taxes A $280 B $220 C $210 D $190 9 S Company reported net profit for 2022 in the amount of $400,000 The company's financial statements also included the following Increase in accounts receivable $80,000 Decrease in inventory 60,000 Increase in accounts payable 200,000 Depreciation expense 104,000 Gain on sale of land 148,000 What is net cash provided by operating activities under the indirect method A $432,000 B $536,000 C $580,000 D $832,000 10 Creble Company reported net profit for 2022 in the amount of $40,000 The company's financial statements also included the following Increase in accounts receivable $4,000 Decrease in inventory 2,000 Depreciation expense 3,000 Gain on sale of equipment 5,000 In the statement of cash flows what is net cash provided by operating activities under the indirect method A $36,000 B $41,000 C $40,000 D $38,000

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Feb 02, 2024

5 On December 31, 2022, Wellstone Company reported net profit of $70,000 and sales of $210,000. The company also reported beginning and ending accounts receivable

On December 31, 2022, Wellstone Company reported net profit of $70,000 and sales of $210,000. The company also reported beginning and ending accounts receivable at $20,000 and $25,000, respectively. Wellstone will report cash collected from customers in its 2022 statement of cash flows (direct method) in the amount of ______.

$215,000

$285,000

$135,000

$205,000

Pickering Company's prepaid insurance was $8,000 as of December 31, 2021, and $10,000 as of December 31, 2022. Pickering reported insurance expense of $15,000 on the 2022 statement of profit or loss. What amount would be reported in the statement of cash flows as insurance paid using the direct method?

$13,000

$17,000

$15,000

$23,000

Dooling Corporation reported balances in the following accounts for the current year:

	Beginning	Ending
Inventories	$600	$300
Accounts payable	300	500

Cost of goods sold was $7,500. What was the amount of cash paid to suppliers?

$7,000

$7,200

$7,300

$7,500

Sneed Corporation reported balances in the following accounts for the current year:

	Beginning	Ending
Income tax payable	$50	$30
Deferred tax liability	80	140

Income tax expense was $230 for the year. What was the amount paid for taxes?

$280

$220

$210

$190

S Company reported net profit for 2022 in the amount of $400,000. The company's financial statements also included the following:

Increase in accounts receivable	$80,000
Decrease in inventory	60,000
Increase in accounts payable	200,000
Depreciation expense	104,000
Gain on sale of land	148,000

What is net cash provided by operating activities under the indirect method?

$432,000

$536,000

$580,000

$832,000

10.

Creble Company reported net profit for 2022 in the amount of $40,000. The company's financial statements also included the following:

Increase in accounts receivable	$4,000
Decrease in inventory	2,000
Depreciation expense	3,000
Gain on sale of equipment	5,000

In the statement of cash flows what is net cash provided by operating activities under the indirect method?

$36,000

$41,000

$40,000

$38,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

The detailed answer for the above question is provided below Id be glad to assist you with these accounting questions 5 Wellstone Company Cash Collect... blur-text-image