• $19,000.

• $7,000.

• $47,000.

• $9,000.

COTB MC Qu. 15-100 (Algo) Assume a merchandising company reported... Assume a merchandising company reported the following Income statement: Sales Cost of goods sold Gross margin Selling and administrative expenses Net income before taxes Income tax expense Net income $300,000 180,000 120,000 80,000 40,000 12,000 $ 28,000 Selected balance sheet accounts are as follows: Beginning Balance Ending Balance Current Assets Accounts receivable Inventory Prepaid expenses Current Liabilities Accounts payable Accrued liabilities Income taxes payable $60,000 $30,000 $ 8,000 $63,000 $28,000 $ 6,000 $10,000 $ 7,000 $ 4,000 $13,000 $ 6,000 $ 4,000 If the company's selling and administrative expense includes $16,000 of depreciation, then what is the net cash provided by operating activities? Assume a company had net income of $70,000 that included income tax expense of $21,000. It provided the following excerpts from its balance sheet: This Year Last Year $40,000 $53,000 $13,000 $46,000 $50,000 $11,000 Current assets: Accounts receivable Inventory Prepaid expenses Current liabilities: Accounts payable Accrued liabilities Income taxes payable $38,000 $18,000 $13,000 $44,000 $15,000 $10,000 If the credits to the company's accumulated depreciation account were $21,000, then based solely on the information provided the company's cash payments for Income taxes would be: Multiple Choice $23,000 $18,000. O O $19,000. o $24,000