Which of the following situations requires a downward adjustment (subtracting) from Net Income when using the indirect method of preparing the operating portion of the SCF?
a) You made a gain on the sale of property
b) Some of your COGS was depreciation and amortized expenses
c) You have some of your payments to your suppliers remains in accounts payable
d) None of the above
a

Question

24-11-2022
Business

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Which of the following situations requires a downward adjustment (subtracting) from Net Income when using the indirect method of preparing the operating portion of the SCF?
a) You made a gain on the sale of property
b) Some of your COGS was depreciation and amortized expenses
c) You have some of your payments to your suppliers remains in accounts payable
d) None of the above
a

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Yogeshkumari Yogeshkumari · Answer 1 · 2022-12-07T08:17:08+01:00

The situations requires a downward adjustment (subtracting) from Net Income when using the indirect method of preparing the operating portion of the SCF is the gains and losses affect net income but don't involve cash flow.

Indirect method:

In accounting, indirect method is the method used in financial reporting in which the statement of cash flows begins with the net income before it is adjusted for the cash operating activities before an ending cash balance is achieved.

Given,

Here we need to find the situations requires a downward adjustment (subtracting) from Net Income when using the indirect method of preparing the operating portion of the SCF.

As per the indirect method, We know that the gross sales price is already accounted for in the investing cash flows section.

To know more about indirect method here.

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