Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. breakneck creek corporation is preparing its state

Breakneck Creek Corporation is preparing its statement of cash flows (indirect method) for the past...

50.1K

Verified Solution

Question

Accounting

Breakneck Creek Corporation is preparing its statement of cash flows (indirect method) for the past year. Listed below are items used in preparing the company's statement of cash flows.

imageimage

Breakneck Creek Corporation is preparing its statement of cash flows (indirect method) for the past year. Listed below are items used in preparing the company's statement of cash flows. Specify how each item would be treated on Breakneck Creek Corporation's statement of cash flows by using the following abbreviations: 1. Operating activity-addition to net income (O+) 2. Operating activitysubtraction from net income (0-) 3. Financing activity (F) 4. Investing activity (1) 5. Activity that is not on the statement of cash flows (NA) . O+ a. Decrease in inventory b. Increase in accounts receivable C. Repayment of long-term loan d. Loss on sale of building e. Payment of dividends to stockholders f. Increase in accounts payable g. Net income h. Depreciation expense i. Retained earnings j. Increase in prepaid insurance expense k. Gain on sale of land 1. Sale of common stock m. Sale of equipment no longer being used n. Decrease in accrued taxes payable

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students