Question: Felix Company uses the indirect method to prepare the statement of cash flows. Refer to the following income statement: Felix Company Income Statement Year Ended

 Felix Company uses the indirect method to prepare the statement of

Felix Company uses the indirect method to prepare the statement of cash flows. Refer to the following income statement: Felix Company Income Statement Year Ended December 31, 2015 $245,000 2,000 5,000 $252,000 Sales Revenue Interest Revenue Gain on Sale of Plant Assets Total revenues and gains Cost of Goods Sold Salary Expense Depreciation Expense Other Operating Expenses Interest Expense Income Tax Expense Total Expenses Net Income (loss) 118,000 43,000 13,000 25,000 1,500 5,500 206,000 $46,000 Additional information provided by the company includes the following: 1) Current assets, other than cash, increased by $24,000 2) Current liabilities decreased by $1,000 How much is the net cash provided by operating activities? A) $21,000 B) $29,000 C) $39,000 D) $34,000

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!