The Net Income Reported on the Income Statement for the Current

question 39

Multiple Choice

The net income reported on the income statement for the current year was $250,000.Depreciation recorded on fixed assets and amortization of patents for the year were $40,000 and $9,000,respectively.Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows:

What is the amount of cash flows from operating activities reported on the statement of cash flows prepared by the indirect method?

• A)$271,000
• B)$279,000
• C)$327,000
• D)$256,000

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Definitions:

Accommodation

In psychology, the process by which individuals adjust their schemas or frameworks to incorporate new information.

Object Permanence

The understanding that objects continue to exist even when they cannot be seen, heard, or touched, a concept developed in early childhood.

Theory Of Mind

refers to the cognitive ability to understand that other people have their own thoughts, beliefs, desires, and perspectives, which may differ from one's own.

Schemas

Mental structures—collections of ideas, prior knowledge, and experiences—that help organize information and guide thought and behavior.