Could someone answer these questions step by step? It would be a lot of help,...

90.2K

Verified Solution

Question

Accounting

imageCould someone answer these questions step by step? It would be a lot of help, Thanks!

7. Gator Company reported net income of $40,000 for the year ended December 31, 2017. During the year, inventories decreased by $6,000, accounts payable decreased by $9,000, depreciation expense was $10,000 and a loss on disposal of equipment of $4,500 was recorded. Net cash provided by operations in 2017 using the indirect method was a. $69,500 b. $42,500 C. $38,500 d. $51,500 8. Which of the following would be considered an "Other Comprehensive Income" item? a. net income b. gain on disposal of discontinued operations c. extraordinary loss related to flood d. unrealized loss on available-for-sale securities Use the following information for questions 9-15 Garden Corporation engaged in the following transactions. For each transaction, indicate where, if at all, it would be classified on the statement of cash flows. Assume the indirect method is used 9. Collected accounts receivable Operating activities section b. a. Investing activities section Financing activities section d. C. Does not represent a cash flow Retired long-term debt with cash. a. 10. Operating activities section b. Investing activities section Financing activities section d. C. Does not represent a cash flow 11. Paid interest on note Operating activities section b. a. Investing activities section Financing activities section d. C. Does not represent a cash flow Issued stock for equipment a. 12. b. C. d. Operating activities section Investing activities section Financing activities section Does not represent a cash flow 13. Paid income taxes a. b. C. d. Operating activities section Investing activities section Financing activities section Does not represent a cash flow

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