1 answer

29. Kela Corporation reported 20D net income of $580,000 including the effects of depreciation expense, $60,000...

Question:

29. Kela Corporation reported 20D net income of $580,000 including the effects of depreciation expense, $60,000 and amortizat
29. Kela Corporation reported 20D net income of $580,000 including the effects of depreciation expense, $60,000 and amortization expense on a patent, $5,000. Also, cash of $50,000 was borrowed on a 5-year note payable. Based on this data, total cash inflow from operating activities for 20D was A) $640,000 B) $695,000 C) $645,000 D) $585,000 E) None of the above is correct.

Answers

Ans. Option C $645,000

Explanation: Non cash and non operating expenses are added to net income in the cash flow from operating activities section of balance sheet.

Particulars Amount

Net income. $580,000

Add: Depreciation expense. $60,000

Add: Amortization expense. $5,000

Cash inflow from operating activities.

$645,000

*Cash borrowed is a financing activity.

.

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