A corporation prepares its statement of cash flows using the indirect method to report operating activities.Net income for the 2014 fiscal year was $634,000.Depreciation and amortization expense of $60,000 and $30,000 respectively were included with operating expenses in the income statement.The following information describes the changes in current assets and liabilities other than cash: Determine the net cash flow provided (used) by operating activities.
A)($692,500)
B)$692,500
C)$723,700
D)($536,300)
E)($723,700)

Question

A corporation prepares its statement of cash flows using the indirect method to report operating activities.Net income for the 2014 fiscal year was $634,000.Depreciation and amortization expense of $60,000 and $30,000 respectively were included with operating expenses in the income statement.The following information describes the changes in current assets and liabilities other than cash:  Determine the net cash flow provided (used) by operating activities.
A)($692,500) 
B)$692,500 
C)$723,700 
D)($536,300) 
E)($723,700)

Quizplus · Accepted Answer

The Answer of A corporation prepares its statement of cash flows using the indirect method to report operating activities.Net income for the 2014 fiscal year was $634,000.Depreciation and amortization expense of $60,000 and $30,000 respectively were included with operating expenses in the income statement.The following information describes the changes in current assets and liabilities other than cash:  Determine the net cash flow provided (used) by operating activities.
A)($692,500) 
B)$692,500 
C)$723,700 
D)($536,300) 
E)($723,700)

A Corporation Prepares Its Statement of Cash Flows Using the Indirect