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Partial balance sheets and additional information are listed below for Rickey Company. Rickey Company Partial Balance Sheets as of December 31 2018 2017 Assets Cash

Partial balance sheets and additional information are listed below for Rickey Company.

Rickey Company
Partial Balance Sheets
as of December 31
2018 2017
Assets
Cash $ 15,500 $ 35,000
Accounts receivable 80,000 65,500
Inventory 30,500 35,000
Liabilities
Accounts payable $ 57,500 $ 75,000

Additional information for 2018: Net income was $155,000. Depreciation expense was $27,500.

Cash Flows from Operating Activities:
Net incomeselected answer correct $155,000selected answer correct
Adjustment for noncash effects:
Depreciation expense selected answer correct 27,500selected answer correct
Changes in operating assets and liabilities:
Increase in inventory selected answer incorrect 4,500selected answer correct
Decrease in accounts paytable selected answer correct 17,500selected answer incorrect
not attempted not attempted
not attempted not attempted
Net cash flows from operating activities $204,500

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