Ask Question
11 November, 18:21

Illies Corporation's comparative balance sheet appears below: The company's net income (loss) for the year was $5,000 and its cash dividends were $4,000. The total dollar amount of all of the items that would be classified as uses when compiling a simplified statement of cash flows is: Select one: a. $7,000 b. $40,000 c. $29,000 d. $33,000

+2
Answers (1)
  1. 11 November, 18:26
    0
    d. $33,000

    Explanation:

    net cash provided (used in) by operating activities + net cash provided (used in) financing activities

    net cash provided by operating activities

    net income $5,000

    adjustments to net income:

    depreciation expense $29,000

    decrease in accounts receivable $2,000

    decrease in inventory $2,000

    increase in taxes payable $4,000

    decrease in accounts payable - $1,000

    decrease in wages payable - $2,000

    decrease in notes payable - $3,000

    net cash flow from operating cash flows $36,000

    net cash provided by financing activities

    issuance of common stock $1,000

    dividends paid - $4,000

    net cash flow from financing activities - $3,000

    items classified as uses = $36,000 - $3,000 = $33,000
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Illies Corporation's comparative balance sheet appears below: The company's net income (loss) for the year was $5,000 and its cash ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers