Assume a company had net Income of $61,000. It provided the following excerpts from its balance...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Assume a company had net Income of $61,000. It provided the following excerpts from its balance sheet: Current assets: Accounts receivable Inventory Current liabilities: Accounts payable Income taxes payable. This Year $41,000 $57,000 $42,000 $14,000 Last Year $46,000 $53,000 $49,000 $14,000 The company sold a piece of equipment for cash proceeds of $25,000. The original cost of the asset was $85,000 and its accumulated depreciation at the time of sale was $65,000. The company's accumulated depreciation account has beginning and ending balances of $320,000 and $280,000, respectively. Besed solely on the information provided, the net cash provided by operating activities would be: Assume a company had net Income of $61,000. It provided the following excerpts from its balance sheet: Current assets: Accounts receivable Inventory Current liabilities: Accounts payable Income taxes payable. This Year $41,000 $57,000 $42,000 $14,000 Last Year $46,000 $53,000 $49,000 $14,000 The company sold a piece of equipment for cash proceeds of $25,000. The original cost of the asset was $85,000 and its accumulated depreciation at the time of sale was $65,000. The company's accumulated depreciation account has beginning and ending balances of $320,000 and $280,000, respectively. Besed solely on the information provided, the net cash provided by operating activities would be:
Expert Answer:
Answer rating: 100% (QA)
To calculate the net cash provided by operating activities using ... View the full answer
Related Book For
Accounting Principles
ISBN: 978-1119048473
7th Canadian Edition Volume 2
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
Posted Date:
Students also viewed these finance questions
-
Ques 1: What is the major complaint by firms concerning the Sarbanes-Oxley act of 2012? A. the legislative maximum allowable compensation for a CEO. B. the legal requirement to disclose project...
-
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...
-
Graph the solution sets in Problems 316. x 100
-
What are two primary economic arguments that critics use against free trade?
-
The pole in Figure 5.22 is at a 90.0 bend in a power line and is therefore subjected to more shear force than poles in straight parts of the line. The tension in each line is 4.00 x 10 4 N, at the...
-
Two balls are drawn from a bag containing 20 white and 5 black balls. In the first draw a ball is drawn at random and then replaced in the bag. In the second, a ball is drawn again at random. Find...
-
On November 1, 2009, Olympic Company adopted a share-option plan that granted options to key executives to purchase 40,000 shares of the companys $10 par value ordinary shares. The options were...
-
Stefney Christian Date: 06/26/2023 To: From: New England Patriot Subject: Analysis of Aircraft Purchase vs. Chartering Decision I've done a thorough analysis of the decision to buy or charter a plane...
-
Kate Jackson, a new staff accountant, is confused because of the complexities involving accounting standard setting. Specifically, she is confused by the number of bodies issuing financial reporting...
-
In Britain during the 1930s many economists including Keynes argued that high unemployment was the result of:
-
Atoms can be slowed to rest by shooting photons at them. We can think of the photons as simply being absorbed by the atom. Imagine you are an atomic physicist who wants to laser cool rubidium atoms...
-
Calculate the loan risk associated with a $3 million, five-year loan to a BBB-rated corporation in the computer parts industry that has a duration of 3.5 years. The cost of funds for the bank is 8...
-
Analyse the quality of the Java codes below public static boolean leap(int y) { String tmp = String.valueOf(y); if (tmp.charAt(2) == '1' || tmp.charAt(2) == '3' || tmp.charAt(2) == 5 || tmp.charAt(2)...
-
Calculate the loan risk associated with a $2 million, five-year loan to a BBB-rated corporation in the computer parts industry that has a duration of 6.4 years. The cost of funds for the bank is 8...
-
Kohl's Department Store and Target Corporation buy their clothing from Form Fitters Inc., a merchandising firm, that has budgeted its activity for December according to the following information: -...
-
You are a manufacturer who distributes your product through a channel of distribution that includes wholesalers, retailers and consumers. The retailer sells at a retail price of $40.00 per unit and,...
-
Four GWU students have been selected to taste food sold by 3 different food trucks labeled as food truck A, B and C on H & 22nd Streets every Monday for 3-weeks. For each student, food trucks are...
-
Hyperchip Limited is a private corporation reporting under ASPE. At December 31, 2017, its general ledger contained the following summary data: Cost of goods...
-
Stevens Corporation, during the year ended October 31, 2017, had the following transactions for money- market instruments purchased to earn interest: Jan. 2 Purchased a 120-day, $40,000 treasury bill...
-
Potash Corporation of Saskatchewan Inc., known as PotashCorp, is the world's largest fertilizer enterprise by capacity and a leading supplier to three distinct market categories: agriculture, animal...
-
Which ratio measures the ability of a company to collect its receivables? a. Current ratio b. Quick ratio c. Days sales in receivables d. Return on assets
-
Which ratio measures the ability of a company to pay its current debts? a. Current ratio b. Inventory turnover ratio c. Days sales in receivables d. Return on assets
-
To calculate the debt ratio, total liabilities should be divided by a. income from operations. b. total assets. c. interest expense. d. total stockholders equity.
Study smarter with the SolutionInn App