Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Kentucky Company uses the indirect method to prepare the statement of cash flows. Refer to the following income statement: Kentucky Company Income Statement Year Ended
Kentucky Company uses the indirect method to prepare the statement of cash flows. Refer to the following income statement: Kentucky Company Income Statement Year Ended December 31, 2019 Sales Revenue $247,000 Interest Revenue 2,200 Gain on Sale of Plant Assets 5,900 Total Revenues and Gains $255,100 Cost of Goods Sold 118,000 Salary Expense 45,000 Depreciation Expense 10,000 Other Onerating Fynences 24 0 O A. $32,700 OB. $38,600 OC. $28,600 OD. $13,000 Kentucky Company uses the indirect method to prepare the statement of cash flows. Refer to the following income statement: Kentucky Company Income Statement Year Ended December 31, 2019 Sales Revenue $ 247,000 Interest Revenue 2,200 Gain on Sale of Plant Assets 5,900 Total Revenues and Gains $ 255, 100 Cost of Goods Sold 118,000 Salary Expense 45,000 Depreciation Expense 10,000 Other Operating Expenses 24,000 Interest Expense 1,800 Income Tax Expense 5,500 Total Expenses 204,300 Net Income (Loss) $ 50, 800 Additional information provided by the company includes the following: 1. Current assets, other than cash, increased by $ 21,000 2. Current liabilities decreased by $ 1,200 Compute the net cash provided by used for) operating activities A. $ 32, 700 B. $ 38, 600 C. S 28,600 D. S 13,000
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started