Question
Fox, Inc. reported net income of $300,000 for the current. Changes occurred in several balance sheet accounts as follows: Equipment $25,000 increase Accumulated depreciation 30,000
Fox, Inc. reported net income of $300,000 for the current. Changes occurred in several balance sheet
accounts as follows:
Equipment $25,000 increase
Accumulated depreciation 30,000 increase
Note payable 30,000 increase
Additional current year information:
During the year, Fox received $10,000 for the sale of equipment costing $25,000, with accumulated depreciation of $11,000.
In December, Fox purchased equipment costing $50,000 with $20,000 cash and a 12% note payable of $30,000.
In Fox's statement of cash flows for the year, net cash provided by operating activities should be:
Group of answer choices
$334,000
$345,000
$344,000
$357,000
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