The income statement and other data for Smith Corporation, Inc., for the year ending December 31,...

Transcribed Image Text:

The income statement and other data for Smith Corporation, Inc., for the year ending December 31, 2023 follow: Sales Cost of goods sold $577,000 200,000 Gross margin 377,000 Operating expenses $80,000 Depreciation expense 20,000 100,000 Income before taxes 277,000 Income tax expense 16,000 $261,000 Net income The changes in the current assets and current liabilities for the year ending December 31, 2023 were: Accounts Receivable Increased $20,000 Inventory Decreased $8,000 Prepaid Insurance Increase $4,000 Accounts Payable Iricrease $16,000 Accrued Expenses Payable Increase $2,000 Income Tax Payable Increase $1200 Using the direct method, what is the net cash provided by operating activities for the year ending December 31, 2023? A) $299,000 B) $463,000 C) $284,200 D) $280,200 The income statement and other data for Smith Corporation, Inc., for the year ending December 31, 2023 follow: Sales $569,000 Cost of goods sold 200,000 Gross margin 369,000 Operating expenses $80,000 Depreciation expense 20,000 100,000 Income before taxes 269,000 Income tax expense 9000 $260,000 Net income The changes in the current assets and current liabilities for the year ending December 31, 2023 were: Accounts Receivable Increased $20,000 Inventory Decreased $8,000 Prepaid Insurance Increase $4,000 Accounts Payable Increase $16,000. Accrued Expenses Payable Increase $2,000 Increase $1900 Income Tax Payable Using the direct method, what is the net cash provided by operating activities for the year ending December 31, 2023? A) $291,000 B) $279,900 C) $455,000 D) $283,900 The income statement and other data for Smith Corporation, Inc., for the year ending December 31, 2023 follow: Sales Cost of goods sold $577,000 200,000 Gross margin 377,000 Operating expenses $80,000 Depreciation expense 20,000 100,000 Income before taxes 277,000 Income tax expense 16,000 $261,000 Net income The changes in the current assets and current liabilities for the year ending December 31, 2023 were: Accounts Receivable Increased $20,000 Inventory Decreased $8,000 Prepaid Insurance Increase $4,000 Accounts Payable Iricrease $16,000 Accrued Expenses Payable Increase $2,000 Income Tax Payable Increase $1200 Using the direct method, what is the net cash provided by operating activities for the year ending December 31, 2023? A) $299,000 B) $463,000 C) $284,200 D) $280,200 The income statement and other data for Smith Corporation, Inc., for the year ending December 31, 2023 follow: Sales $569,000 Cost of goods sold 200,000 Gross margin 369,000 Operating expenses $80,000 Depreciation expense 20,000 100,000 Income before taxes 269,000 Income tax expense 9000 $260,000 Net income The changes in the current assets and current liabilities for the year ending December 31, 2023 were: Accounts Receivable Increased $20,000 Inventory Decreased $8,000 Prepaid Insurance Increase $4,000 Accounts Payable Increase $16,000. Accrued Expenses Payable Increase $2,000 Increase $1900 Income Tax Payable Using the direct method, what is the net cash provided by operating activities for the year ending December 31, 2023? A) $291,000 B) $279,900 C) $455,000 D) $283,900