Question
Presented below is the income statement of Nicklaus, Inc.: Sales $475,000 Cost of goods sold 280,000 Gross profit 195,000 Operating expenses 89,000 Income before income
Presented below is the income statement of Nicklaus, Inc.:
Sales $475,000
Cost of goods sold 280,000
Gross profit 195,000
Operating expenses 89,000
Income before income taxes 106,000
Income taxes 42,000
Net Income $64,000
In addition, the following information related to net changes in working capital accounts is presented:
|
| Increase | Decrease |
| Cash | $15,000 |
|
| Trade accounts receivable (net) | 8,400 |
|
| Inventories |
| $16,200 |
| Salaries payable (operating) |
| 6,000 |
| Trade accounts payable | 11,000 |
|
The company also indicates that depreciation expense for the year was $14,200.
Cash provided by Operating Activities is:
a.$76,800
b.$106,000
c.$76,000
d.$91,800
e.$91,000
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Intermediate Accounting IFRS
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
3rd edition
1119372933, 978-1119372936
