C OSecure httpsmoodlewalshcollegeedumodquizattemptphpattempt

C OSecure https://moodle.walshcollege.edu/mod/quiz/attemptphp?attempt-554866 ?? ?? Courses. ACCS035p201s v week 11 Exam 3.Subrt For Gra ACC 503 SP2018 V & Participants Question 8 The balance sheet data of Corinne Company at the end or 2018 and 2017 folow Not yet Grades Study At 2018 550 320 Cash Accounts receivable (ner Buildings and equipment Accumulated depreciation- buidings and equipment 136) 570 270 150 16h Edision Chapter b Week 1 n Week 2 a Week 3 n Wosk 4 Totals 694 Accounts payable Notes payable -bank, long-term Morlgage payable Common stock 510 par Retained earrings 5160 5146 Week E Totals 5694 Land worth $100 was acquired in exchange for common stock, par $100 , duning the year all equipment purchased was with casn Equpment costing $10 was soid for s4 bocik waue dr he t was s8 and the loss wras reported as an ordinary tem in net income cash dvidends of $20 were charged to retained earrings and paid during the year, the ransfer of net ircome to s Week 10 retained earnings was the only other entry in the Retained Eanings account Week 11 In the statement of cash nows for the year ended December 31, 2018 the net cash provided (used) by operating activities was Select one C Calendar @ My Courses E Lbrary Resources a $52 b $34 C $(40) d $/(35) e $56

Solution

Answer is e. $ 56. Explanation: Cash flows from Operating activities: Net income for the period (56+20-10) 66 Adjustment Depreciation (16-2-36) 22 Loss on sale of equipment 4 Increase in Accounts receivable -50 Increase in Accounts payable 14 Net cash provided from Operating activities 56