Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Binks Family Company reported sales revenue of $120,000, cost of goods sold $40,000, selling and marketing expense $20,000, depreciation expense $10,000, gain from sale of

Binks Family Company reported sales revenue of $120,000, cost of goods sold $40,000, selling and marketing expense $20,000, depreciation expense $10,000, gain from sale of equipment $5,000, and net income of $55,000 for 2012. The comparative Balance Sheet shows the balance of the following accounts:

12/31/2012 12/31/2011
Accounts Receivable $60,000 $48,000
Prepaid Rent 40,000 45,000
Deferred Revenue 35,000 32,000
Accounts Payable 28,000 33,000

What is the net cash provided by operating activities for 2012?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Real Estate And Accounting For Beginners

Authors: Nespy Online Marketing

1st Edition

1802242880, 978-1802242881

More Books

Students also viewed these Accounting questions

Question

=+SA 20-1 Ethics and professional conduct in business

Answered: 1 week ago