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In preparing a statement of cash flows using the indirect method, the Depreciation Expense 

Connecticut, Inc. uses the indirect method to prepare its statement of cash flows. Refer to the following portion of the comparative balance sheet:                                                                                Connecticut, Inc.                                                                      Comparative Balance Sheet                                                                    December 31, 2019 and 2018   2019 2018 Increase/(Decrease) Cash $25,000 $22,000 $3,000 Accounts Receivable 31,000 38,000 (7,000) Merchandise Inventory 55,000 26,000 29,000 Plant and Equipment 124,000 93,000 31,000 Accumulated Depreciation-Plant and Equipment (47,000) (43,000) (4,000) Total Assets $188,000 $136,000 $52,000 Additional information provided by the company includes the following: Equipment was purchased for $67,000 with cash. Equipment with a cost of $36,000 and accumulated depreciation of $7300 was sold for $48,000. What was the amount of net cash provided by (used for) investing activities? 

Refer to the following information for Tolan Corporation:   Common Stock, $1.00 par, 106,000 shares issued, 100,000 shares outstanding Paid-In Capital in Excess of Par—Common: $2,190,000 Retained Earnings: $920,000 Treasury Stock: 6000 shares purchased at $21 per share   If Tolan resold 2,500 shares of treasury stock for $22.50 per share, which of the following statements would be true?  

May, Inc. had the following transactions in 2019, its first year of operations:   Issued 20,000 shares of common stock. The stock has a par value of $3.00 per share and was issued at $19.00 per share. Issued 2000 shares of $200 par value preferred stock at par. Earned net income of $40,000. Paid no dividends.   At the end of 2019, what is the total amount of paid-in capital?  

Wisconsin Farm Equipment Company sold equipment for cash. The income statement shows a loss on the sale of $6.000. The net book value of the asset was $30,900. Which of the following statements describes the cash effect of the transaction?  

Which of the following is true of a stock split and a stock dividend? 

Milton, Inc. had the following transactions in 2019, its first year of operations Issued 8,000 shares of common stock. Stock has par value of $0.01 per share and was issued at $40.00 per share. Earned net income of $200,000. Paid dividends of $8.00 per share. At the end of 2019, what is total stockholders’ equity?

The following information is from the December 31, 2020 balance sheet of May Corporation. Preferred Stock, $100 par $390,000 Common Stock, $1 par 152,000 Paid-In Capital in Excess of Par—Common 346,000 Retained Earnings 83,900 Total Stockholders’ Equity $971,900 What was the total paid-in capital as of December 31, 2020?

Virginia Company uses the indirect method to prepare the statement of cash flows. Refer to the following section of the comparative balance sheet:                                                                                       Virginia Company                                                                              Comparative Balance Sheet                                                                           December 31, 2020 and 2019   2020 2019 Increase/(Decrease) Accounts Payable $4,000 $6,000 $(2,000) Accrued Liabilities 2,000 1,000 1,000 Long-term Notes Payable 84,000 90,000 (6,000) Total Liabilities $90,000 $97,000 $(7,000)   How will the change in Accounts Payable be shown on the statement of cash flows?

A corporation originally issued $7 par value common stock for $13 per share. It purchased the stock for $17 per share. Which of the following is included in the entry to record the sale of 20 shares of treasury stock for $18 per share?