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SpyIntel [72]
3 years ago
8

Which of the following statements does not correctly describe an adjustment to net income when determining cash flows from opera

ting activities using the indirect method?
A. An increase in wages payable will be added to net income.
B. An increase in prepaid expenses will be subtracted from net income.
C. An increase in income taxes payable will be subtracted from net income.
D. A gain on the sale of a depreciable asset will be subtracted from net income.
Business
1 answer:
Kisachek [45]3 years ago
3 0

Answer:

C. An increase in income taxes payable will be subtracted from net income.

Explanation:

First and foremost, an increase in current assets such as prepaid expenses means that the company parted with cash since it has made payment in advance prior to the expenses being incurred, hence, it is a cash outflow while a decrease in the current asset has an opposite impact.

However, an increase in current liabilities means the company is owing more and has avoided a cash outflow, in essence, it is treated as cash inflow, in other words, the increase in income taxes payable is an inflow not deducted as if it is an outflow

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Terrell Foods reported $ 660,000 in net income​ and its weighted - average shares outstanding for the year is 100,000 shares. In
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Basic EPS = $6.6

Diluted EPS = $5.06

Explanation:

The computation of basic and diluted​ EPS is shown below:-

Basic EPS = Net income ÷ Weighted average shares outstanding

= $660,000 ÷ 100,000

= $6.6

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= 80,000

Diluted EPS = (Net income + Interest on convertible bonds × (1 - Tax%)) ÷ (Weighted average shares outstanding + Shares from Convertible bonds)

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3 years ago
Climate change is expected to have a major impact on local weather patterns across the United States (and the world). Use a spat
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Answer:

D. Real estate prices in Miami will fall, real estate prices in Chicago will rise.

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