[The Following Information Applies to the Questions Displayed Below

question 30

Multiple Choice

[The following information applies to the questions displayed below.]
An analysis of changes in selected balance sheet accounts of Johnson Corporation shows the following for the current year:
Johnson's income statement for the current year includes a $14,000 loss on disposal of plant assets.All payments and proceeds relating to purchase or sale of plant assets were in cash.
-Based solely on the data provided above,Johnson's net cash flow from investing activities for the current year is:

• A)$160,000 net cash used by investing activities.
• B)$147,000 net cash used by investing activities.
• C)$13,000 net cash provided by investing activities.
• D)$91,000 net cash used by investing activities.

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Definitions:

Purchases and Sales

Transactions involving the buying and selling of goods and services.

FIFO Perpetual

A method in the perpetual inventory system where the first items bought are the first to be sold, continuously updating inventory records.

Cost of Goods Sold

The total cost directly involved in producing goods or services, which are sold during a particular period.

Weighted-Average

A method used to calculate an average whereby different values have different levels of importance or "weights".