C is corrent. ASC Topic 230 (SFAS 95, par. 29) requires that if the indirect method is used to prepare the statement of cash flows, supplemental disclosures are required to report the amount of interest paid and the amount of income taxes paid during the period. C is corrent because the total amount of supplemental disclosures are $325,000 + $220,000 = $545,000.
A is incorrect. ASC Topic 230 (SFAS 95, par. 29) requires that if the indirect method is used to prepare the statement of cash flows, supplemental disclosures are required to report the amount of interest paid and the amount of income taxes paid during the period. A is incorrect because the total amount of supplemental disclosures are $325,000 + $220,000 = $545,000.
B is incorrect. ASC Topic 230 (SFAS 95, par. 29) requires that if the indirect method is used to prepare the statement of cash flows, supplemental disclosures are required to report the amount of interest paid and the amount of income taxes paid during the period. A is incorrect because the total amount of supplemental disclosures are $325,000 + $220,000 = $545,000.
D is incorrect. ASC Topic 230 (SFAS 95, par. 29) requires that if the indirect method is used to prepare the statement of cash flows, supplemental disclosures are required to report the amount of interest paid and the amount of income taxes paid during the period. D is incorrect because the total amount of supplemental disclosures are $325,000 + $220,000 = $545,000.
|
