Company X had sales of $7,500 during the year and collected half of them in cash. Company Y, on the other hand, had sales of $7,500 during the year and collected all in cash. Both firms had expenses of $2,400, paid in cash by both firms. What was Company X’s net income for the year? What was Company Y’s net income for the year?
What was Company X’s net cash from operating activities during the year? What was Company Y’s net cash from operating activities during the year?