Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

York, Inc. reported net income of $60,000 for the year ended December 31, 2021. Included in net income were depreciation expense of $20,000 and a

York, Inc. reported net income of $60,000 for the year ended December 31, 2021. Included in net income were depreciation expense of $20,000 and a gain on sale of equipment of $5,000. The equipment had an historical cost of $70,000 and accumulated depreciation of $50,000. Each of the following accounts increased during 2021:

Land $13,000

Prepaid rent $13,000

Available-for-sale securities $3,000

Bonds payable $10,000

What is the amount of cash provided by or used by investing activities for York, Inc. for the year ended December 31, 2021?

Orange Company reported net income of $500,000 for the year ended 12/31/21. Included in the computation of net income were: depreciation expense, $70,000; amortization of a patent, $30,000; income from an investment in common stock of ABC Inc., accounted for under the equity method, $50,000; and amortization of a bond discount, $10,000. Orange paid a $80,000 dividend during the year. The net cash provided by operating activities would be reported at?

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

Horngren S Financial And Managerial Accounting The Managerial Chapters

Authors: Tracie L. Miller-Nobles ,Brenda L. Mattison ,Ella Mae Matsumura

4th Edition

0133255433, 978-0133255430

More Books

Students also viewed these Accounting questions