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lyudmila [28]
3 years ago
6

The net income for Sheridan Company for 2020 was $350,000. For 2020, depreciation on plant assets was $69,700, and the company i

ncurred a loss on disposal of plant assets of $13,300. Compute net cash provided by operating activities under the indirect method, assuming there were no other relevant changes in the company’s accounts. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
Business
1 answer:
enyata [817]2 years ago
5 0

Answer:

350,000 net income

+69,700 depreciation

+13,300 loss on disposal

433,000 adjusted income

no change in working capital

cash generated from operating activities 433,000

Explanation:

We need to remove from the net incoem the non-monetary terms

The depreication is an accounting concept, it doesn't involve cash disbursements, so it is added.

Also the los son disposal doesn't involve using cash so is also removed.

Rule:

to remove a non-monetary expense we should add it.

to remove a non-monetary gain we should decrease it.

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Answer:

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Explanation:

In point a:

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Its cost of intangible material could be amortized for 180 months starting in April. (\frac{41,000}{180}) \times 9\ \ months = \$2,050 is her amortization deduction.

She could also use Section 179 to decrease her taxable money to \$17,890 (\$36,890 - \$19,000) but include her deduction.

Her taxable annual income is \$15,840 (\$17,890 - \$2,050).

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These values impact on the behavior of the people. An example is Germans' lack of interest in using credit cards like Visa and MasterCard, because the German word for 'debt' is the same as the word guilt. This hae to do with their belief and values.

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