Ohio,IncUses the Indirect Method to Prepare the Statement of Cash

question 89

Multiple Choice

Ohio,Inc.uses the indirect method to prepare the statement of cash flows.Refer to the following income statement: $\begin{array}{c}\text {Ohio, Inc.}\\\text {Income Statement}\\\text {Year Ended December 31, 2018}\\\begin{array}{|l|r|r|}\hline \text { Revenues and Gains: } & & \\\hline \text { Sales Revenue } & \$ 158,000 & \\\hline \text { Interest Revenue } & \underline{6800} & \\\hline \text { Total Revenues and Gains } & & \$ 164,800\\\hline \text { Expenses and Losses: } & \\\hline \text { Cost of Goods Sold } & \$ 150,000 \\\hline \text { Salary Expense } & 21,000 \\\hline \text { Depreciation Expense } & 7200 \\\hline \text { Other Operating Expenses } & 13,100\\\hline \text { Interest Expense } & 16,200 \\\hline \text { Loss on Sale of Plant Assets } & 5200 \\\hline \text { Income Tax Expense } & 6000 \\\hline \text { Total Expenses and Losses } & & 218,700 \\\hline \text { Net Income (Loss) } & & \$(53,900) \\\hline\end{array}\end{array}$ Additional information provided by the company includes the following:
Current assets,other than cash,decreased by $5500.
Current liabilities increased by $2500.
Compute the net cash provided by (used for) operating activities.

• A) $(33,500)
• B) $(61,900)
• C) $10,700
• D) $38,700

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