Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Cambridge Corporation just completed its fiscal year ended February 28, 2021. The accounts receivable balance was $50,000 at the beginning of the year and $45,000

Cambridge Corporation just completed its fiscal year ended February 28, 2021. The accounts receivable balance was $50,000 at the beginning of the year and $45,000 at the end of the year. Accounts payable was $22,000 at the beginning of the year and $54,000 at the end of the year. Depreciation expense totaled $40,000 and dividends of $50,000 were paid during the year. Net income was $170,000. What is the amount of cash provided by operating activities? Enter as a whole number (no cents).

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_2

Step: 3

blur-text-image_3

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

Wiley CPAexcel Exam Review 2016 Study Guide January Auditing And Attestation

Authors: O. Ray Whittington

1st Edition

1119119960, 978-1119119968

More Books

Students also viewed these Accounting questions