Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Norbury Corporation's net income last year was $45,000. The company did not sell or retire any property, plant, and equipment last year. Changes in selected
Norbury Corporation's net income last year was $45,000. The company did not sell or retire any property, plant, and equipment last year. Changes in selected balance sheet accounts for the year appear below:
Increases (Decreases) | |||
Asset and Contra-Asset Accounts: | |||
Accounts receivable | $ | 20,500 | |
Inventory | $ | (5,000 | ) |
Prepaid expenses | $ | 16,000 | |
Accumulated depreciation | $ | 38,000 | |
Liability Accounts: | |||
Accounts payable | $ | 20,000 | |
Accrued liabilities | $ | (9,500 | ) |
Income taxes payable | $ | 4,100 | |
Based solely on this information, the net cash provided by (used in) operating activities under the indirect method on the statement of cash flows would be:
-
$93,600
-
$66,100
-
$23,900
-
$129,100
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored 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