Independent Support, Inc. issued common stock for $520,000 cash. The company declared and paid cash dividends...

Transcribed Image Text:

Independent Support, Inc. issued common stock for $520,000 cash. The company declared and paid cash dividends of $55,000 and purchased treasury stock at a cost of $18,000. The financing section of the statement of cash flows will report Net cash provided by financing activities of: A) $465,000. B) $520,000. C) $447,000: D) $538,000. On January 1, 2023, plant assets, net are $190,000. On December 31, 2023, plant assets, net are $300,000. Depreciation expense for the year is $18,000. During the year, plant assets were acquired for $147,000 with cash. There is a Gain on sale of plant asset of $12,000. What is the book value of the plant asset sold during the year? A) 50 B) $7000 C) $37,000 D) $19,000 On January 1, 2023, plant assets, net are $190,000. On December 31, 2023, plant assets, net are $280,000. Depreciation expense for the year is $22,000. During the year, plant assets were acquired for $155,000 with cash. There is a Gain on sale of plant asset of $8000. What are the cash proceeds from the sale of the plant asset? A) $0 B) $43,000 C) $51,000 D) $35,000 Anew Health Care Company reports.net income of $220,000 and Depreciation Expense of $20,000 for the year ending December 31, 2023. No long-term assets were sold or exchanged during 2023. They also have the following data available: Current Assets: Cash Accounts Receivable Inventory Total Current Assets Current Liabilities: Accounts Payable Salaries Payable Total Current Liabilities December 31, 2023 December 31, 2022 $29,000 $77,000 $155,000 96,000 $105,000 68,000 $289,000 $241,000 $48,000 $41,000 35,000 88,000 $83,000 $129,000 Using the indirect method, what is the net cash provided by operating activities for the year ending December 31, 2023? A) $203,000 B) $58,000 C) $135,000 D) $98,000 Independent Support, Inc. issued common stock for $520,000 cash. The company declared and paid cash dividends of $55,000 and purchased treasury stock at a cost of $18,000. The financing section of the statement of cash flows will report Net cash provided by financing activities of: A) $465,000. B) $520,000. C) $447,000: D) $538,000. On January 1, 2023, plant assets, net are $190,000. On December 31, 2023, plant assets, net are $300,000. Depreciation expense for the year is $18,000. During the year, plant assets were acquired for $147,000 with cash. There is a Gain on sale of plant asset of $12,000. What is the book value of the plant asset sold during the year? A) 50 B) $7000 C) $37,000 D) $19,000 On January 1, 2023, plant assets, net are $190,000. On December 31, 2023, plant assets, net are $280,000. Depreciation expense for the year is $22,000. During the year, plant assets were acquired for $155,000 with cash. There is a Gain on sale of plant asset of $8000. What are the cash proceeds from the sale of the plant asset? A) $0 B) $43,000 C) $51,000 D) $35,000 Anew Health Care Company reports.net income of $220,000 and Depreciation Expense of $20,000 for the year ending December 31, 2023. No long-term assets were sold or exchanged during 2023. They also have the following data available: Current Assets: Cash Accounts Receivable Inventory Total Current Assets Current Liabilities: Accounts Payable Salaries Payable Total Current Liabilities December 31, 2023 December 31, 2022 $29,000 $77,000 $155,000 96,000 $105,000 68,000 $289,000 $241,000 $48,000 $41,000 35,000 88,000 $83,000 $129,000 Using the indirect method, what is the net cash provided by operating activities for the year ending December 31, 2023? A) $203,000 B) $58,000 C) $135,000 D) $98,000