Question
Cambridge Corporation just completed its fiscal year ended February 28, 2021. The accounts receivable balance was $20,000 at the beginning of the year and
Cambridge Corporation just completed its fiscal year ended February 28, 2021. The accounts receivable balance was $20,000 at the beginning of the year and $35,000 at the end of the year. Accounts payable was $22,000 at the beginning of the year and $34,000 at the end of the year. Depreciation expense totaled $45,000 and dividends of $50,000 were paid during the year. Net income was $120,000. What is the amount of cash provided by operating activities? Enter as a whole number (no cents).
Step by Step Solution
3.32 Rating (155 Votes )
There are 3 Steps involved in it
Step: 1
128000 Net income is equal to cash provided by operating a...Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get StartedRecommended Textbook for
Advanced Accounting
Authors: Debra C. Jeter, Paul Chaney
5th Edition
1118022297, 9781118214169, 9781118022290, 1118214161, 978-1118098615
Students also viewed these Accounting questions
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
View Answer in SolutionInn App