Question
8-a. If the company debited income tax expense and credited income taxes payable $1,780 during the year, what is the total amount of the debits
8-a. If the company debited income tax expense and credited income taxes payable $1,780 during the year, what is the total amount of the debits recorded in the Income Taxes Payable account?
9-a. What is the amount and direction (+ or ) of the income taxes payable adjustment to net income in the operating activities section of the statement of cash flows?
11. What is the amount of net cash provided by (used in) operating activities in the companys statement of cash flows?
13. What is the companys net cash provided by (used in) investing activities?
15. What is the companys net cash provided by (used in) financing activities?
Required information The tollowing information applies to the questions displayed below.j Ravenna Company is a merchandiser that uses the indirect method to prepare the operating activities section of its statement of cash flows. Its balance sheet for this year is as follows Ending Balance $ 121,800 Beginning Balance $ 146,550 103,400 128,800 117,500 346,500367,450 329,000 82,250 Cash and cash equivalents Accounts receivable Inventory Total current assets Property, plant, and equipment 95,900 339,000 113,000 Less accumulated depreciation Net property, plant, and equipment Total assets 226,000246 750 $ 572,500 614,200 Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total 1iabilities and stockholders' equity $ 75,200 133,500 80,200 117,500 141,000 142,000 614,200 58,300 141,000 164,500 133,500 572,500 During the year, Ravenna paid a $14,100 cash dividend and it sold a piece of equipment for $7,050 that had originally cost $16,800 and had accumulated depreciation of $11,200. The company did not retire any bonds or repurchase any of its own common stock during the yearStep by Step Solution
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