Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

what is the answer for 12,13, 14 please Miller-N Matt 12) Kentucky Company uses the indirect method to prepare the statement of cash flows. Refer

what is the answer for 12,13, 14 please image text in transcribed
Miller-N Matt 12) Kentucky Company uses the indirect method to prepare the statement of cash flows. Refer to the following income statement 12) Kentucky Company Income Statement Year Ended December 31, 2019 Sales Revenue Interest Revenue $250 000 2200 Gain on Sale of Plant Assets Total Revenues and Gains Cost of Goods Sold Salary Expense Depreciation Expense Other Operating Expenses Interest Expense Income Tax Expense 5100 $257,300 124,000 41.000 14,000 23,000 1900 5200 Total Expenses Net Income (Loss) 209.100 $48.200 Additional information provided by the company includes the following: 1. Current assets, other than cash, increased by $20,000. 2. Current liabilities decreased by $1500 Compute the net cash providgd by (used for) operating activities. B) $26,700 D) $11,700 C) $40,700 A) $35,600 13) In preparing a statement of cash flows using the indirect method, the Depreciation Expense A) is shown as a negative cash flow in the investing activities section B) is added back to Purchases of Plant Assets under investing activities C) is shown as a negative cash flow under operating activities s added back as an adjustment to Net Income in the operating activities section 14) Which of the following will be listed in the operating section of the statement of cash flows that is prepared using the indirect method? Aincreases/decreases in current liabilities C) collections from customers B) payments to suppliers D) interest received

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Passive Activity Loss IRS Audit Technique Guide

Authors: Internal Revenue Service

1st Edition

1304114325, 978-1304114327

More Books

Students also viewed these Accounting questions