Sye Chase started and operated a small family architectural firm in Year 1. The firm was...

 

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Sye Chase started and operated a small family architectural firm in Year 1. The firm was affected by two events: (1) Chase provided $23,400 of services on account, and (2) he purchased $3,600 of supplies on account. There were $1,050 of supplies on hand as of December 31, Year 1. d. Explain why the amounts of net income and net cash flow from operating activities differ. Net income is ; Net Cash Flow from Operating Activities is of revenue was earned on account, but none was collected; of supplies were used, but none were paid for. + Sye Chase started and operated a small family architectural firm in Year 1. The firm was affected by two events: (1) Chase provided $23,400 of services on account, and (2) he purchased $3,600 of supplies on account. There were $1,050 of supplies on hand as of December 31, Year 1. d. Explain why the amounts of net income and net cash flow from operating activities differ. Net income is ; Net Cash Flow from Operating Activities is of revenue was earned on account, but none was collected; of supplies were used, but none were paid for. +

Answer rating: 100% (QA)

Net Income vs Net Cash Flow from Operating Activities Sye Chases Architectural Firm Net Income Net i... View the full answer