Changes in various accounts and gains and losses on the sale of assets during th

Question

Changes in various accounts and gains and losses on the sale of assets during the year for Argon Company are given below:

Changes in various accounts and gains and losses on the sale of assets during the year for Argon Company are given below: Amount tem Accounts receivable Inventory Prepaid expenses Accounts payable Accrued liabilities Income taxes payable Sale of equipment Sale of long-term investments 74,000 decrease $115,000 increase $ 3,100 decrease $ 48,000 decrease $ 9,800 decrease $ 15,600 increase $ 8,500 loss $ 12,700 loss Required For each item, indicate whether the dollar amount should be added to or deducted from net income under the indirect method when computing the net cash provided by operating activities for the year Amount Effect em Accounts receivable Inventory Prepaid expenses Accounts payable Accrued liabilities Income taxes payable Sale of equipment 74,000 115,000 3,100 48,000 9,800 15,600 8,500 12,700 Sale of long-term investments$

Explanation / Answer

Accounts Receivable ADDED Inventory DEDUCTED Prepaid Expenses ADDED Accounts Payable DEDUCTED Accrued Liabilities DEDUCTED Incoem taxes Payable ADDED Sale of Equipment ADDED Sale of long term investments ADDED

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