Norbury Corporation's net income last year was $34,000. The company did not sell or retire any property, plant, and equipment last year. Changes in selected balance sheet accounts for the year appear below: Increases(Decreases)Asset and Contra-Asset Accounts: Accounts receivable$12,000 Inventory$(9,000) Prepaid expenses$4,000 Accumulated depreciation$19,000 Liability Accounts: Accounts payable$5,000 Accrued liabilities$7,000 Income taxes payable$(6,000)Based solely on this information, the net cash provided by (used in) operating activities under the indirect method on the statement of cash flows would be:
A. $16,000
B. $66,000
C. $53,000
D. $52,000
Answer: D
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A company's financial records at the end of the year included the following amounts:Cash$70,000Accounts Receivable28,000Supplies4,000Accounts Payable10,000Notes Payable5,000Retained Earnings, beginning of year17,000Common Stock40,000Service Revenue53,000Wages Expense8,000Advertising Expense5,000Rent Expense10,000What is the amount of net income on the income statement for the year?
A. $88,000 B. $30,000 C. $47,000 D. $38,000
The formula used to compute budgeted total cost at any level of activity is presented in the
A) flexible budget. B) performance report. C) static budget. D) cash flow forecast.
Lewis is a director of Mines & Refineries, Inc Using information that is not available to the public,Lewis makes a profit trading in Mines & Refineries stock. Lewis is most likely li¬able for breach of
a. no duty or rule b. the business judgment rule. c. the duty of loyalty. d. theduty of care.
When determining markup as a percentage of cost, divide the markup amount by
A. price. B. cost. C. quantity. D. revenue. E. 100.