Question
Hogan Company had the following account balances for 2016: Dec. 31 Jan. 1 Accounts receivable $44,000 $32,500 Accounts payable 62,500 50,500 Prepaid insurance 16,500 8,000
Hogan Company had the following account balances for 2016:
Dec. 31 Jan. 1
Accounts receivable $44,000 $32,500
Accounts payable 62,500 50,500
Prepaid insurance 16,500 8,000
Hogan reported net income of $400,000 for 2016. Assuming no other changes in current account balances, what is the amount of net cash provided by operating activities for 2016 reported in the statement of cash flows?
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Cornerstones Of Financial Accounting
Authors: Jay Rich, Jefferson Jones, Maryanne Mowen, Don Hansen, Donald Jones, Ralph Tassone
2nd Canadian Edition
0176707123, 978-0176707125
