F1 Company, a manufacturer, uses the indirect method for preparing its statement of cash flows. The...

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F1 Company, a manufacturer, uses the indirect method for preparing its statement of cash flows. The company has provided the following information pertaining to its recent year of operation: • Cash flow from operating activities, $136,000 • Accounts payable increased $11,000 • Prepaid assets decreased $8,000 • Depreciation expense was $12.000 • Accounts receivable increased $23.000 • Loss on sale of a depreciable asset was $6,000 • Wages payable decreased $9,000 • Unearned revenue decreased $19,000 • Patent amortization expense was $3,000 How much was F1's net income? F1 Company, a manufacturer, uses the indirect method for preparing its statement of cash flows. The company has provided the following information pertaining to its recent year of operation: • Cash flow from operating activities, $136,000 • Accounts payable increased $11,000 • Prepaid assets decreased $8,000 • Depreciation expense was $12.000 • Accounts receivable increased $23.000 • Loss on sale of a depreciable asset was $6,000 • Wages payable decreased $9,000 • Unearned revenue decreased $19,000 • Patent amortization expense was $3,000 How much was F1's net income?

Answer rating: 100% (QA)

Requirement Calculation of net income Cash flow from operating activities 136000 ... View the full answer