5) Interest collected and principal collected on a note receivable are examples of an investing activity....

5) Interest collected and principal collected on a note receivable are examples of an investing activity. (answer True or False)

16) Tulip Company sold a plant asset during 2021. The original cost of the plant asset was $700,000 and the accumulated depreciation at date of sale was $600,000. The proceeds from the sale of the plant asset was $80,000. The gain or loss from the sale of the plant asset should be shown in which section of the statement of cash flows?

17) Apple Corporation had net income for 2021 of $2,500,000. Additional information is as follows:

Depreciation of plant assets $800,000

Amortization of bond premium 200,000

Decrease in accounts receivable 420,000

Increase in accounts payable 440,000

Apple’s net cash provided (used) by operating activities for 2021 was ________

Expert Solution

5) Interest collected and principal collected on a note receivable are examples of an investing activity. - False. it is financing activity

16 The gain or loss from the sale of the plant asset should be shown in which section of the statement of cash flows? It is deducted from or added to Net Income under cash provided (used) by operating activities under Indirect Method

17) Apple Corporation had net income for 2021 of $2,500,000. Additional information is as follows:

Apple’s net cash provided (used) by operating activities for 2021

ekkarill92 answered 1 year ago

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