Peninsula Company reported net income of $260,000 for the year. During the year, accounts
receivable increased by $21,000, accounts payable decreased by $9,000 and depreciation
expense of $45,000 was recorded. Net cash provided by operating activities for the year is
Question 14
In calculating cash flows from operating activities using the indirect method, a loss on the sale of
equipment will appear as a(n)
Question 15
The net income reported on the income statement for the current year was $440,000.
Depreciation was $62,000. Accounts receivable and inventories decreased by $20,000 and
$32,000, respectively. Prepaid expenses and accounts payab