Alex was looking over a set of financial statements that had been torn when he put them in the overhead bin on a flight. He had most of the cash flow statement, but was missing the other statements. Even the cash flow statement was torn at the top, so he did not have net income. Cash from operations was $250,000. Reconciling items included credit sales of $200,000, depreciation of $70,000 and an unpaid wage expense of $5,000.

How much was net income?

Answer rating: 100% (QA)

Without the full financial statements we cannot determine the net income directly However we can ... View the full answer