the year, 9,000 and depreciation During 4. Peninsula Com accounts receivable increased by $21.000, accounts payable decreascd by $ expense of 15,000 was recorded. Net cash provided by operating activities for the year is Peninsula Com pany reported net income of $290,000 for the year a. $305,000 b $275,000 c. $257,000 d. $290,000 5. Using the indirect method, which of the following adjustments to convert net income to net cash provided by operating activities is correct? Add to Net Income increase ncrease decrease decrease a. Accounts Reccivable b. Prepaid Expenses c. Inventory d. Taxes Payable ncrease 11. Dandy Candy Company sold its licorice division resulting in a loss of $80,000. Assuming a tax rate of25%, the loss on this disposal will be reported on the income statement at what amount? a. $100,000 b. $20,000 c. $80,000 d. $60,000 12. Stellar, Inc. decided on January 1 to discontinue its telescope manufacturing divisi July 1, the division's assets with a book value of $1,260,000 are sold for $900,000. Operating income from January 1 to June 30 for the division amounted to $195,000. Ignoring income taxes, what total amount should be reported on Stellar's income statement for the current year under the caption, Discontinued Operations? a. $195,000 b. $165,000 loss c. $360,000 loss d. $555,000 13. JACK'S BY THE TRACKS. Balance Sheet (partial) Stockholders' equity: Common stock Retained earnings Total paid-in capital and retained earnings Accumulated other comprehensive income $6,000,000 2,000,000 8,000,000 800,000 $8,800,000 Total stockholders' equity: What effect will the accumulated other comprehensive income have on comprehens income? a. No effect on comprehensive income. b. Increase of $800,000 in comprehensive income. c. Increase of $8,800,000 in comprehensive income. d. Decrease of $800,000 in comprehensive income. the year, 9,000 and depreciation During 4. Peninsula Com accounts receivable increased by $21.000, accounts payable decreascd by $ expense of 15,000 was recorded. Net cash provided by operating activities for the year is Peninsula Com pany reported net income of $290,000 for the year a. $305,000 b $275,000 c. $257,000 d. $290,000 5. Using the indirect method, which of the following adjustments to convert net income to net cash provided by operating activities is correct? Add to Net Income increase ncrease decrease decrease a. Accounts Reccivable b. Prepaid Expenses c. Inventory d. Taxes Payable ncrease 11. Dandy Candy Company sold its licorice division resulting in a loss of $80,000. Assuming a tax rate of25%, the loss on this disposal will be reported on the income statement at what amount? a. $100,000 b. $20,000 c. $80,000 d. $60,000 12. Stellar, Inc. decided on January 1 to discontinue its telescope manufacturing divisi July 1, the division's assets with a book value of $1,260,000 are sold for $900,000. Operating income from January 1 to June 30 for the division amounted to $195,000. Ignoring income taxes, what total amount should be reported on Stellar's income statement for the current year under the caption, Discontinued Operations? a. $195,000 b. $165,000 loss c. $360,000 loss d. $555,000 13. JACK'S BY THE TRACKS. Balance Sheet (partial) Stockholders' equity: Common stock Retained earnings Total paid-in capital and retained earnings Accumulated other comprehensive income $6,000,000 2,000,000 8,000,000 800,000 $8,800,000 Total stockholders' equity: What effect will the accumulated other comprehensive income have on comprehens income? a. No effect on comprehensive income. b. Increase of $800,000 in comprehensive income. c. Increase of $8,800,000 in comprehensive income. d. Decrease of $800,000 in comprehensive income
