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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: Cash and cash equivalents Accounts receivable Inventory Total current assets Property, plant, and equipment Less accumulated depreciation Net property, plant, and equipment Total assets Ending Balance $ 61,000 51,200 68,700 180,900 186,000 62,000 124,000 $ 304,900 Beginning Balance $ 72,650 55,000 62,500 190, 150 175,000 43,750 131,250 $ 321,400 Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total liabilities and stockholders' equity $ 40,000 31,200 75,000 87,500 71,200 $ 304,900 $ 71,200 36,700 62,500 75,000 76,000 $ 321,400 During the year, Ravenna paid a $7,500 cash dividend and it sold a piece of equipment for $3,750 that had originally cost $7,800 and had accumulated depreciation of $5,200. The company did not retire any bonds or repurchase any of its own common stock during the year. 6-b. What is the total amount of the debits recorded in the Accounts Payable T-account during the year? 6-c. What does the amount of these debits represent? Complete this question by entering your answers in the tabs below. Req 6A Req 6B Req 6C What is the total amount of the debits recorded in the Accounts Payable T-account during the year? Total amount of debits recorded $ 493,800 9-a. What is the amount and direction + or -) of the income taxes payable adjustment to net income in the operating activities section of the statement of cash flows? Req 9A Req 9B What is the amount and direction (+ or -) of the income taxes payable adjustment to net income in the operating activities section of the statement of cash flows? Amount deducted from net income 11. What is the amount of net cash provided by (used in) operating activities in the company's statement of cash flows? Net cash used in 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 used in investing activities
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