Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Could someone answer these questions step by step? It would be a lot of help, Thanks! 7. Gator Company reported net income of $40,000 for

image text in transcribedCould someone answer these questions step by step? It would be a lot of help, Thanks!

7. Gator Company reported net income of $40,000 for the year ended December 31, 2017. During the year, inventories decreased by $6,000, accounts payable decreased by $9,000, depreciation expense was $10,000 and a loss on disposal of equipment of $4,500 was recorded. Net cash provided by operations in 2017 using the indirect method was a. $69,500 b. $42,500 C. $38,500 d. $51,500 8. Which of the following would be considered an "Other Comprehensive Income" item? a. net income b. gain on disposal of discontinued operations c. extraordinary loss related to flood d. unrealized loss on available-for-sale securities Use the following information for questions 9-15 Garden Corporation engaged in the following transactions. For each transaction, indicate where, if at all, it would be classified on the statement of cash flows. Assume the indirect method is used 9. Collected accounts receivable Operating activities section b. a. Investing activities section Financing activities section d. C. Does not represent a cash flow Retired long-term debt with cash. a. 10. Operating activities section b. Investing activities section Financing activities section d. C. Does not represent a cash flow 11. Paid interest on note Operating activities section b. a. Investing activities section Financing activities section d. C. Does not represent a cash flow Issued stock for equipment a. 12. b. C. d. Operating activities section Investing activities section Financing activities section Does not represent a cash flow 13. Paid income taxes a. b. C. d. Operating activities section Investing activities section Financing activities section Does not represent a cash flow

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

Recommended Textbook for

Financial Accounting A Global Perspective

Authors: Rod Monger

1st Edition

0470518405, 978-0470518403

More Books

Students also viewed these Accounting questions

Question

=+c) What are the factors?

Answered: 1 week ago