Castine reports net income of $347,500 for the year ended December 31, Year 2. It also reports $115,800 depreciation expense and a $12,550 loss on the sale of equipment. Its comparative balance sheet reveals a $50,400 increase in accounts receivable, a $12,750 decrease in prepaid expenses, a $19,450 increase in accounts payable, a $15,900 decrease in wages payable, a $93,700 increase in equipment, and a $125,500 decrease in notes payable. Calculate the increase in cash for Year 2.

Answer rating: 100% (QA)

net Income 347500 Add Depreciation 115800 Add loss on sale of equi... View the full answer