Wise Photography reported net income of $130,000 for 2014. Included in the income statement were depreciation expense
Question:
Wise Photography reported net income of $130,000 for 2014. Included in the income statement were depreciation expense of $6,000, amortization expense of $2,000, and a gain on disposal of equipment of $3,600. Wise’s comparative balance sheets show the following balances.
Calculate net cash provided by operating activities for WisePhotography.
Transcribed Image Text:
Accounts receivable Accounts payable 12/31/13 $27,000 6,000 12/31/14 $21,000 9,200
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 75% (16 reviews)
Cash flows from operating activities Net income 130000 Adjustments to rec...View the full answer
Answered By
Geoffrey Isaboke
I am an industrious tutor with a 5-yr experience in professional academic writing. I have passion for History and Music and I have good knowledge in Economics
5.00+
2+ Reviews
10+ Question Solved
Related Book For
Accounting Principles
ISBN: 9781118566671
11th Edition
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
Question Posted:
Students also viewed these Managerial Accounting questions
-
Wise Photography reported net income of $130,000 for 2015. Included in the income statement were depreciation expense of $6,000, amortization expense of $2,000, and a gain on disposal of equipment of...
-
Wise Photography reported net income of $130,000 for 2017. Included in the income statement were depreciation expense of $6,000, amortization expense of $2,000, and a gain on disposal of equipment of...
-
Wise Photography reported net income of $130,000 for 2019. Included in the income statement were depreciation expense of $6,000, amortization expense of $2,000, and a gain on disposal of plant assets...
-
You are looking at buying a piece of real estate and you intend to borrow as much as you possibly can from a bank to buy the property. The bank you are dealing with has a requirement that the LVR for...
-
Find the absolute and percent relative uncertainty and express each answer with a reasonable number of significant figures. (a) 9.23 ( 0.03) + 4.21 ( 0.02) - 3.26 ( 0.06) = ? (b) 91.3 ( 1.0) 40.3 (...
-
Ethene is converted to ethane by the reaction C 2 H 4 flows into a catalytic reactor at 25.0 atm and 300. C with a flow rate of 1000. L/min. Hydrogen at 25.0 atm and 300. C flows into the reactor...
-
a. Are the quadratic terms important? Consider a linear model of LNEXPENSES on 12 explanatory variables. For the explanatory variables, include assets, GROUP, both versions of losses and gross...
-
In a stroke of good luck, your company has uncovered an opportunity to invest for 10 years at a guaranteed 6% rate of return. How would you determine the opportunity cost of capital for this...
-
Concord Corporation began operations in July 2022. At the end of the month, the company prepares monthly financial statements. It has the following information for the month. 1. At July 31, the...
-
Avid, a small, privately held biotech pharmaceutical manufacturing firm, specializes in developing and producing a set of drugs for rare classes of cancers. Avid has two divisions that share the same...
-
Ragsdell Corporation had the following transactions. 1. Issued $200,000 of bonds payable. 2. Paid utilities expense. 3. Issued 500 shares of preferred stock for $45,000. 4. Sold land and a building...
-
Obermeyer Corporation issued the following statement of cash flows for 2014. (a) Compute free cash flow for Obermeyer Corporation. (b) Explain why free cash flow often provides better information...
-
Let \(F \subset \mathbb{R}\) be a non-void perfect set, i.e. a closed set such that each point in \(F\) is an accumulation point of \(F\). Show that a perfect set is uncountable.
-
The actus reus of trespassing is entering or remaining on another persons property without permission. The mens rea of trespassing varies by statute, but in states with general intent trespassing...
-
There were four common law elements of arson: (1) malicious (2) burning (3) of a dwelling (4) of another. The actus reus of arson today is damage by fire or explosion. Smoke damage, without visible...
-
Just days before graduation, Jeremy Bates learns he failed his chemistry final and will not be graduating from high school. Determined to get revenge, he plans to burn down the school. Jeremys high...
-
Kidnapping refers to the unlawful taking and carrying away of another person with the intent to deprive that person of his or her liberty. False imprisonment has been defined as forcing a person to...
-
Battery is unlawful touching, typically with injury. Though the actus reus of battery usually requires injury, not all states impose this requirement. A threatened battery assault occurs when one...
-
State the composition for a molecule of each of the following vitamins. (a) Vitamin B 1 , C1 2 H1 7 Cl 2 N 4 OS (b) Vitamin B 2 , C 17 H 20 N 4 O 6 .
-
Show that the peak of the black body spectrum as a function of ? is given by eq. (22.14) kg T Wmax = 2.82
-
With the usury law in effect there is a _______ of _______ billion. a) shortage, $28 b) surplus, $28 c) shortage, $56 d) surplus, $56
-
What are the primary uses of the employee earnings record?
-
(a). Identify the three types of employer payroll taxes. (b). How are tax liability accounts and payroll tax expense accounts classified in the financial statements?
-
(a). Identify the three types of employer payroll taxes. (b). How are tax liability accounts and payroll tax expense accounts classified in the financial statements?
-
Prob. 1(a). Consider a stock currently trading at $40.25. For a strike price of $38, you want to price both a call and put option that matures 90 days from now. The volatility of the stock (2) is...
-
Wildhorse sells a snowboard, WhiteOut, that is popular with snowboard enthusiasts. Presented below is information relating to Wildhorse's purchases of WhiteOut snowboards during September. During the...
-
The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company. Nelson Company uses a perpetual inventory system. It categorizes the following accounts as selling expenses:...
Study smarter with the SolutionInn App