Question
Please Help Quickly with this question. Just need the answer. Thank you ABC Company ended Year 1 with the following account balances: Cash $640, Common
Please Help Quickly with this question. Just need the answer. Thank you
ABC Company ended Year 1 with the following account balances:
Cash $640, Common Stock $470, and Retained Earnings $270.
The following transactions occurred during Year 2:
Issued common stock for $18,400 cash.
ABC borrowed an additional $10,700 from Chris Bank.
ABC earned $7,700 of revenue on account.
ABC incurred $3,200 of operating expenses on account.
Cash collections of accounts receivables were $7,700.
ABC provided additional services to customers for $1,000 cash.
ABC purchased land for $13,400.
ABC used $3,800 in cash to make a partial payment on its accounts payable.
ABC declared and paid a $210 dividend to the stockholders.
On December 31 ABC had accrued salaries of $4,300.
What is the net cash flow from operating activities shown on the statement of cash flows for the year ending December 31, Year 2?
Multiple Choice:
$7,700
$4,900
None of these answer choices is correct.
$4,690
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