Patriot Corporations statement of cash flows shows cash flow from operations of $322,000 The following items also appear on Patriots balance sheet and income statement Depreciation expense $78,000 Accounts receivable increase 23,000 Inventory decrease 41,000 Accounts payable decrease 11,000 What is...

Net income Depreciation expense 78000 Inv ...

Patriot Corporations statement of cash flows shows cash flow from operations of $322,000. The following items also

Question:

Patriot Corporation’s statement of cash flows shows cash flow from operations of $322,000.
The following items also appear on Patriot’s and income statement:
Depreciation expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $78,000
Accounts receivable increase . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,000
Inventory decrease . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . 41,000
Accounts payable decrease . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,000
What is Patriot’s net income?

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...