MC Qu. 166 Scranton, Inc. reports net income... Scranton, Inc. reports net income of $233,000...
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MC Qu. 166 Scranton, Inc. reports net income...
Scranton, Inc. reports net income of $233,000 for the year ended December 31. It also reports $89,000 depreciation expense and a $5,150 gain on the sale of equipment. Its comparative balance sheet reveals a $36,100 decrease in accounts receivable, a $16,050 increase in accounts payable, and a $12,700 decrease in wages payable. Calculate the cash provided (used) in operating activities using the indirect method.
Multiple Choice
$266,900.
$324,200.
$381,700.
$356,300.
$361,450.
MC Qu. 135 A machine with a cost of...
A machine with a cost of $135,000 and accumulated depreciation of $90,000 is sold for $52,500 cash. The amount that should be reported as a source of cash under cash flows from investing activities is:
Multiple Choice
Zero. This is a financing activity.
Zero. This is an operating activity.
$7,500.
$45,000.
$52,500.
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