Question 56 The comparative statement of financial position for Surland Corporation shows the following noncash current asset and liability accounts at March 31: 2018 2017 Accounts receivable $68,000 $41,500 Inventory 76,000 65,000 Accounts payable 30,500 40,000 Dividends payable 1,200 2,500 Sunland's income statement reported the following selected information for the year ended March 31, 2018: net income was $280,000, depreciation expense was $68,000, and a loss on the disposal of land was $16,000. Sunland uses a perpetual inventory system. Calculate net cash provided (used by operating activities in the indirect method. (Show amounts that decrease cash now with either - sign .g.-15.000 or in parenthesis (15.000) SUNLAND CORPORATION Statement of Cash Flows (Partial)-Indirect Method Year Ended March 31, 2018 Operating activities Net Income 280000 Adjustments to reconcile net income to Net cash provided (used) by operating activities: Depreciation expense 68000 LOSS on disposal of land 16000 Accounts receivable increase -26500 Inventory increase - 11000 Accounts payable decrease -9500 e: 02:58 PM / Remaining: 140 min. PRINTER VERSION BACK NEXT Sunland's income statement reported the following selected information for the year ended March 31, 2018: net income was $280,000, depreciation expense was $68,000 and a loss on the disposal of land was $16,000. Sunland uses a perpetual inventory system. Calculate net cash provided (used) by operating activities using the indirect method. (Show amounts that decrease cash flow with either a sign .g.-15,000 or in parenthesis. (15,000).) SUNLAND CORPORATION Statement of Cash Flows (Partial)-Indirect Method Year Ended March 31, 2018 Operating activities Net income 280000 Adjustments to reconcile net income to Net cash provided (used) by operating activities : Depreciation expense 68000 Loss on disposal of land 16000 -26500 Accounts receivable increase -11000 Inventory increase -9500 Accounts payable decrease Net cash provided by operating activities SUBMIT ANSWER Question Attempts: 0 of 1 used SAVE FOR LATER