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The net income reported on the income statement for the current year was $500.000. Depreciation recorded on fixed assets and amortization of patents for the year were $80,000 and $18,000. respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows: End Beginning Cash $100,000 $120,000 Accounts receivable 224,000 216,000 Inventories 210, 186000 Prepaid expenses 9,000 13,000 Accounts payable (merchandise creditors) 150,000 178,000 What is the amount of cash flows from operating activities reported on the statement of cash flows prepared by the indirect method? $512,000 $542,000 $558,000 $654,000 On June 1, 2016. Boise Company purchased equipment at a cost of $120,000 that has a depreciable cost of $90,000 and an estimated useful life of 3 years and 30,000 hours. Using straight line depreciation calculate depreciation expense for the first year (partial year). $30,000 $40,000 $17, 500 $12, 500 If $3.600,000 of 10% bonds are issued at 95. the amount of cash received from the sale is $3.600,000 $3, 420,000 $3, 960,000 $3, 780,000 On July 8. Simple Company issued an $160,000, 6%, 120-day note payable to Oscar Company. Assume that the fiscal year end for Simple Company is July 31st. Using a 360-day year for your calculations, what is the amount of interest expense recognized by Simple Company in their current fiscal year ending July 31st? $613.33 $3, 200.00 $800.00 $2, 586.02 On September 1 st Whole Company purchased computer equipment with a cost of $ 150,000 having an estimated residual value of $10,000 and an estimated useful life of 4 years. What is the amount of depreciation for the second year using the double-declining-balance method with the Whole Company's year end being December 31st? $62, 500 $58, 333 $70,000 $37, 500