Question
The financial statements of Simon Co. include the following items (amounts in thousands): Income Statement 2017 For the Year Ended December 31, Net income .
The financial statements of Simon Co. include the following items (amounts in thousands): Income Statement 2017 For the Year Ended December 31, Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $466 Depreciation and amortization expense . . . . . . . . . . . . . . . . . . . . . . . 343 At December 31 Balance Sheets 2017 2016 Accounts receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $137 $180 Inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 191 116 Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75 128 Income taxes payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78 17 Required: a. Calculate the net cash flow provided by operations for Simon Co. for the year ended December 31, 2017. b. Explain why net income is different from the net cash provided by operations.
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