Question
In 2019, La Jolla Company reported net income of $290,000 for the year. Depreciation expense was $30,000 and a loss on disposal of equipment of
In 2019, La Jolla Company reported net income of $290,000 for the year. Depreciation expense was $30,000 and a loss on disposal of equipment of $15,000 was recorded. A comparative balance sheet for select accounts is listed below.
| 12/31/19 | 12/31/18 | Increase (Decrease) |
Accounts Receivable | $60,000 | $40,000 | $20,000 |
Inventory | 90,000 | 120,000 | (30,000) |
Equipment | 105,000 | 65,000 | 40,000 |
Accounts Payable | 40,000 | 45,000 | (5,000) |
What is the net cash provided by operating activities in 2019 using the indirect method?
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Costing
Authors: Lucey
7th Edition
1844809439, 978-1844809431
