Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Ravenna Company is a merchandiser that uses the indirect method to prepare the operating activities section of its statement of cash flows. Its balance sheet
Ravenna Company is a merchandiser that uses the indirect method to prepare the operating activities section of its statement of cash flows. Its balance sheet for this year is as follows: Ending Beginning Balance Balance Cash $ 118,400 $ 142,300 Accounts receivable 93, 900 101,200 Inventory 126, 100 115,000 Total current assets 338, 400 358,500 Property, plant, and equipment 333,000 322,000 Less accumulated depreciation 111,000 80,500 Net property, plant, and equipment 222,000 241,500 Total assets $ 560,400 $ 600,000 Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total liabilities and stockholders' equity $ 73, 600 57,100 138,000 161,000 130, 700 $ 560,400 $ 130,700 77, 300 115,000 138,000 139,000 $ 600,000 During the year, Ravenna paid a $13,800 cash dividend and it sold a piece of equipment for $6,900 that had originally cost $16,200 and had accumulated depreciation of $10,800. The company did not retire any bonds or repurchase any of its own common stock during the year. 11. What is the amount of net cash provided by (used in) operating activities in the company's statement of cash flows? Net cash operating activities 12. What is the amount of gross cash outflows reported in the investing section of the company's statement of cash flows? Gross cash outflows 13. What is the company's net cash provided by (used in) investing activities? Net cash investing activities 14. What is the amount of gross cash inflows reported in the financing section of the company's statement of cash flows? Gross cash inflows 15. What is the company's net cash provided by (used in) financing activities? Net cash financing activities
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