Question
Missing information related to accruals LO 2-1, 2-2 Castile Inc. had a beginning balance of $2,500 in its Accounts Receivable account. The ending balance of
Missing information related to accruals LO 2-1, 2-2 Castile Inc. had a beginning balance of $2,500 in its Accounts Receivable account. The ending balance of Accounts Receivable was $3,000. During the period, Castile recognized $56,000 of revenue on account. Castiles Salaries Payable account has a beginning balance of $1,800 and an ending balance of $1,400. During the period, the company recognized $34,300 of accrued salary expense. Required Based on the information provided, determine the amount of net income. Based on the information provided, determine the amount of net cash flow from operating activities.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started