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During Year 1, Silver Sinks, Inc. earned $33,000 of revenue on account. Cash collections of receivables were $28,000. The remainer of the receivables were collected
During Year 1, Silver Sinks, Inc. earned $33,000 of revenue on account. Cash collections of receivables were $28,000. The remainer of the receivables were collected in Year 2. As a result of these transactions, Silver Sink will report Year 1 net income of O $28,000 and cash inflow from operating activities of $28,000 in Year 1 and $5,000 in Year 2 O $33,000 and cash inflow from operating activities of $28,000 in Year 1 and $5,000 in Year 2 O $28,000 and cash inflow from operating activities of $33,000 in Year 2 O $33,000 and cash inflow from operating activities of $33,000 in Year 1
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