Twin House Inc. reported net income of $753,000 for the current year-ended December 31. Twin House's financial

Question:

Twin House Inc. reported net income of $753,000 for the current year-ended December 31. Twin House's financial statements reflected the following information:

Depreciation expense .......................$150,000

Gain on sale of trading securities ....... 6,000

Goodwill impairment ........... 75,000

Decrease in accounts receivable ....... 48,000

Increase in inventory .......... 33,000

Decrease in trading securities ...... 50,000

Increase in available-for-sale securities ... 62,000

Increase in accounts payable ....... 70,000

Decrease in taxes payable ........ 15,000

Dividend paid ............ 200,000

Dividend received ............ 27,000

What should Twin House report as Net cash provided by operating activities on the statement of cash flows, assuming that Twin House classifies the proceeds from the sale of the trading securities as an operating cash outflow?

A. $1,119,000

B. $1,092,000

C. $1,030,000

D. $892,000

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial... Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive... Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...