Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Howard Industries' 2018 income statement reported total revenues of $550,000 and total expenses of $515,000 lincluding $30,000 of depreciation). The 2018 comparative balance sheet reported

image text in transcribed
Howard Industries' 2018 income statement reported total revenues of $550,000 and total expenses of $515,000 lincluding $30,000 of depreciation). The 2018 comparative balance sheet reported the following: cash- beginning balance, $50.000 and ending balance, $55,000; accounts receivablebeginning balance, $45,000 and ending balance $60,000; inventory-beginning balance, $58,000 and ending balance, $45,000; Equipment- beginning balance, $225,000 and ending balance, $200,000; accounts payable-beginning balance, $50,000 and ending balance $55,000. In addition to this information. Howard industries also reported a $10,000 loss on the sale of equipment. Therefore. based only on this information. 2018 net cash inflow from operating activities was: 5103.000 $72,000 $68.000 $78,000 $58,000

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

Frank Woods Business Accounting Volume 1

Authors: Alan Sangster, Frank Wood

13th Edition

1292084669, 9781292084664

More Books

Students also viewed these Accounting questions

Question

What is a (a) dichotomous variable? (b) binary variable?

Answered: 1 week ago

Question

What appraisal intervals are often used in appraisal reviews?

Answered: 1 week ago

Question

What are the various alternatives?

Answered: 1 week ago