MC Qu. 166 Scranton, Inc. reports net income...

Scranton, Inc. reports net income of $233,000 for the year ended December 31. It also reports $89,000 depreciation expense and a $5,150 gain on the sale of equipment. Its comparative balance sheet reveals a $36,100 decrease in accounts receivable, a $16,050 increase in accounts payable, and a $12,700 decrease in wages payable. Calculate the cash provided (used) in operating activities using the indirect method.

Multiple Choice

$266,900.

$324,200.

$381,700.

$356,300.

$361,450.

MC Qu. 135 A machine with a cost of...

A machine with a cost of $135,000 and accumulated depreciation of $90,000 is sold for $52,500 cash. The amount that should be reported as a source of cash under cash flows from investing activities is:

Multiple Choice

Zero. This is a financing activity.

Zero. This is an operating activity.

$7,500.

$45,000.

$52,500.