132 smithson corporation had the following selected balance sheet changes for the pa 4307938

132) Smithson Corporation had the following selected balance sheet changes for the past year:

Assets and contra-assetsIncrease/(Decrease)

Cash$47,000

Accounts receivable$10,000

Inventory$15,000

Prepaid expenses$ (7,000)

Accumulated depreciation$11,000

Liabilities    Increase/(Decrease)

Accounts payable$20,000

Wages payable$ (12,000)

Taxes payable$9,000

The company's operating income during the year was $35,000. What is the net cash provided by operating activities during last year on the statement of cash flows for Smithson Corporation (using the indirect method)?

A) $25,000

B) $45,000

C) $92,000

D) $10,000

133) The following information is available for three companies. The information relates to the companies' plant assets. For each of the companies, determine the unknown amounts.

Fox Co.Wolf Co.Coyote Co.

Beginning plant assets, net of depreciation$860,000$715,000$489,700

Ending plant assets, net of depreciation950,000702,400288,300

Depreciation expense55,30049,500(c)

Gain (loss) on sale of plant assets5,600(b)(15,200)

Cost of plant assets acquired240,600129,00054,600

Proceeds from the sale of plant assets(a)73,500192,300

134) A corporation reported net income during the year of $28,500. The following items were reported on the income statement and balance sheet.

Depreciation expense$23,000

Loss on sale of equipment5,000

Increase in accounts receivable21,200

Decrease in inventories15,000

Decrease in accounts payable20,000

Compute cash flows from operating activities using the indirect method.

135) The income statement and a partial balance sheet for Regovich Company is presented below. Prepare the operating activities section of the statement of cash flows using the indirect method.

Regovich Company

Income Statement

For the Current Year

Sales$550,00

Cost of goods sold 390,000

Gross profit$160,000

Operating expenses:

Salaries$70,000

Depreciation expense28,000

Miscellaneous10,000108,000

Net income$52,000

Regovich Company

Partial Balance Sheet

End of this year

End of this yearEnd of prior year

Cash$80,000$65,000

Accounts receivable (net)57,00050,000

Inventories104,00086,000

Prepaid expenses4,5004,000

Accounts payable (merchandise)58,00052,000

Salaries payable7,5006,000

136) The income statement and a partial balance sheet for Vespoint Company is presented below. Prepare the operating activities section of the statement of cash flows using the indirect method.

Vespoint Company

Income Statement

For the Current Year

Sales$600,000

Cost of goods sold 450,000

Gross profit$150,000

Operating expenses:

Salaries$70,000

Depreciation expense30,000

Miscellaneous 10,000110,000

Net income$40,000

Vespoint Company

Partial Balance Sheet

End of this year

End of this yearEnd of prior year

Cash$85,000$65,000

Accounts receivable (net)60,00050,000

Inventories105,00086,000

Prepaid expenses4,5004,000

Accounts payable (merchandise)58,00052,000

Salaries payable7,5006,000