Answered step by step
Verified Expert Solution
Question
1 Approved Answer
9: Assume a company had net income of $73,000 and provided the following excerpts from its balance sheet: This Year Last Year Current assets: Accounts
9:
Assume a company had net income of $73,000 and provided the following excerpts from its balance sheet:
This Year | Last Year | |
---|---|---|
Current assets: | ||
Accounts receivable | $ 40,000 | $ 46,000 |
Inventory | $ 53,000 | $ 50,000 |
Prepaid expenses | $ 13,000 | $ 11,000 |
Current liabilities: | ||
Accounts payable | $ 38,000 | $ 44,000 |
Accrued liabilities | $ 18,000 | $ 15,000 |
Income taxes payable | $ 13,000 | $ 10,000 |
If the company did not sell any noncurrent assets during the period and the credits to its accumulated depreciation account were $21,000, then based solely on the information provided, the companys net cash provided by (used in) operating activities would be:Multiple Choice
-
$53,000.
-
$95,000.
-
$69,000.
-
$93,000.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started