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nikdorinn [45]
3 years ago
7

Exercise 183 Wayne Company reported net income of $265,000 for 2020. Wayne also reported depreciation expense of $45,000 and a l

oss of $8,000 on the sale of equipment. The comparative balance sheet shows a decrease in accounts receivable of $15,000 for the year, a $17,000 increase in accounts payable, and a $6,000 decrease in prepaid expenses.Prepare the operating activities section of the statement of cash flows for 2020. Use the indirect method.
Business
1 answer:
Cerrena [4.2K]3 years ago
7 0

Answer:

Net cash flow of the operating activities is $356,000

Explanation:

                               Wayne Company

                   Partial statement of Cash flow

          For the year Ended December 31, 2021

Cash flow from operating activities:

Net Income                                                         $265,000

<em />

<em>Adjustment to reconcile net income to net  </em>

<em>cash provided by operating activities</em>

Depreciation expenses                    $45,000

Loss on sale of equipment               $8,000

Decrease in accounts receivable     $15,000

Decrease in prepaid expenses         $6,000

Increase in accounts payable            <u>$17,000</u>    <u>$91,000</u>

Net cash provided by operating activities       <u>$356,000</u>

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Answer:

D. $30,000 overstated

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Overstatement of ending Inventory understate the value of cost of Goods sold and overstate the value of Net income and retained earning as well.

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When a natural monopoly exists in a given industry, the per-unit costs of production will be?
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Answer:

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3 years ago
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