Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

The net income reported on the income statement for the current year was $635,000. Depreciation recorded on plant assets was $29,000. Accounts receivable and inventories

The net income reported on the income statement for the current year was $635,000. Depreciation recorded on plant assets was $29,000. Accounts receivable and inventories increased by $1,200 and $3,600, respectively. Prepaid expenses and accounts payable decreased by $800 and $16,000 respectively. How much cash was provided by operating activities?

a. $685,600

b. $644,000

c. $642,400

d. $652,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

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

Taxation Of Individuals And Business Entities 2015

Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver

6th Edition

9780077862367

Students also viewed these Accounting questions