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Question 13 4 pts Gavin Corp.'s 2019 income statement reported total revenues of $675,000 and total expenses of $700,000 (including $40,000 of depreciation). During 2019,
Question 13 4 pts Gavin Corp.'s 2019 income statement reported total revenues of $675,000 and total expenses of $700,000 (including $40,000 of depreciation). During 2019, Gavin Corp. sold a piece of equipment with a book value of $50,000 for $40,000. The appropriate gain/loss was reported on Gavin's 2019 income statement. The 2019 comparative balance sheet reported the following: cash- beginning balance, $80,000 and ending balance, $92,000; accounts receivable- beginning balance, $45,000 and ending balance $30,000; inventory- beginning balance, $75,000 and ending balance, $100,000; Equipment- beginning balance, $225,000 and ending balance, $275,000; accounts payable- beginning balance, $35,000 and ending balance $42,000. Therefore, based only on this information, 2019 net cash flow from operating activities was: o $10,000 cash inflow $2,000 cash inflow $22,000 cash inflow $28,000 cash outflow O None of the above
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