Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Assume a company had net income of $61,000. It provided the following excerpts from its balance sheet: This Year Last Year Current assets: Accounts receivable
Assume a company had net income of $61,000. It provided the following excerpts from its balance sheet:
This Year | Last Year | |
---|---|---|
Current assets: | ||
Accounts receivable | $ 46,000 | $ 46,000 |
Inventory | $ 53,000 | $ 53,000 |
Current liabilities: | ||
Accounts payable | $ 44,000 | $ 49,000 |
Income taxes payable | $ 10,000 | $ 14,000 |
If the company did not sell any noncurrent assets during the period and its depreciation charges for the period were $21,000, then based solely on the information provided, the net cash provided by operating activities would be:
Multiple Choice
-
$49,000.
-
$31,000.
-
$91,000.
-
$73,000.
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