Solved

Match the Letter with Each Item Below with the Following

Question 114

Matching

Match the letter with each item below with the following letters to indicate how net income is adjusted when using the indirect method to determine net cash flow from operating activities.

Premises:

Responses:

gain on sales of property,plant,and equipment

A-Add item to net income

decrease in inventory

S-Subtract item from net income

decrease in accrued liabilities

N-No adjustment necessary

decrease in income tax payable

decrease in prepaid expenses

increase in dividends payable

decrease in property,plant,and equipment

depreciation expense

increase in accounts payable

increase in accounts receivable

Premises:

gain on sales of property,plant,and equipment

decrease in inventory

decrease in accrued liabilities

decrease in income tax payable

decrease in prepaid expenses

increase in dividends payable

decrease in property,plant,and equipment

depreciation expense

increase in accounts payable

increase in accounts receivable

Responses:

A-Add item to net income

S-Subtract item from net income

N-No adjustment necessary

Correct Answer:

Premises:

Responses:

gain on sales of property,plant,and equipment

decrease in inventory

decrease in accrued liabilities

decrease in income tax payable

decrease in prepaid expenses

increase in dividends payable

decrease in property,plant,and equipment

depreciation expense

increase in accounts payable

increase in accounts receivable

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