Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please answer ASAP Somerset Company, a manufacturer, uses the indirect method for preparing its statement of cash flows. The company has provided the following information

please answer ASAP

Somerset Company, a manufacturer, uses the indirect method for preparing its statement of cash flows. The company has provided the following information pertaining to its recent year of operation:

Cash flow from operating activities, $144,000

Accounts payable decreased $12,500

Prepaid assets increased $7,900

Depreciation expense was $13,900

Accounts receivable decreased $10,900

Loss on sale of a depreciable asset was $8,800

Wages payable increased $5,400

Unearned revenue decreased $8,800

Patent amortization expense was $5,400

How much was Somerset's net income?

Answers:

$128,00

$136,000

$103,000

$105,400

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_2

Step: 3

blur-text-image_3

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

Introduction To Government And Not For Profit Accounting

Authors: Martin Ives, Laurence Johnson, Joseph R. Razek, Gordon A. Hosch

6th Edition

0132366355, 978-0132366359

More Books

Students also viewed these Accounting questions

Question

32 co-16m CB=1.1 m B F

Answered: 1 week ago