Megrey Company”s net income last year was $82,000. Changes in the company”s balance sheet accounts for the year appear below:
|
| Increases |
|
| (Decreases) |
| Debit balances: |
|
| Cash | $3,000 |
| Accounts receivable | $5,000 |
| Inventory | $1,000 |
| Prepaid expenses | $(8,000) |
| Long term investments | $80,000 |
| Plant and equipment | $25,000 |
| Credit balances: |
|
| Accumulated depreciation | $66,000 |
| Accounts payable | $(7,000) |
| Accrued liabilities | $(2,000) |
| Taxes payable | $0 |
| Bonds payable | $(40,000) |
| Deferred taxes | $15,000 |
| Common stock | $20,000 |
| Retained earnings | $54,000 |
The company declared and paid cash dividends of $28,000 last year. The following questions pertain to the company”s statement of cash flows.
1 The net cash provided by (used in) operating activities last year was:
A) $90,000
B) $156,000
C) $82,000
D) $148,000
2. The net cash provided by (used in) investing activities last year was:
A) $85,000
B) $(85,000)
C) $105,000
D) $(105,000)
3. The net cash provided by (used in) financing activities last year was:
A) $48,000)
B) $(48,000)
C) $20,000
D) $(20,000)
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