Question
Penn Inc. reports the following information: 2019 2020 Accounts receivable $150,000 $120,000 Prepaid expenses 9,000 10,000 Accounts payable 65,000 80,000 Salaries payable 12,000 5,000 Net
Penn Inc. reports the following information:
| 2019 | 2020 | |
| Accounts receivable | $150,000 | $120,000 |
| Prepaid expenses | 9,000 | 10,000 |
| Accounts payable | 65,000 | 80,000 |
| Salaries payable | 12,000 | 5,000 |
| Net income | 175,000 | 200,000 |
| Depreciation expense | 12,500 | 14,000 |
| Gain on sale of equipment | 1,250 | 6,000 |
(T or F) If Penn uses the indirect method to prepare the operating activities section of the statement of cash flows, then net cash inflow from operating activities for 2020 is $245,000.?
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Accounting For The Environment
Authors: Rob Gray, Jan Bebbington
2nd Edition
0761971378, 978-0761971375
