Question
The records for Todd Inc. showed the following during 2014: 1. Cash collected for services provided during 2014 was $90,000. 2. Services used during 2014
The records for Todd Inc. showed the following during 2014:
1. Cash collected for services provided during 2014 was $90,000. 2. Services used during 2014 but not paid for yet $350, and Accrued expenses ending balance was higher than its beginning balance by $170. 3. Dividends declared and paid during 2014 were $400. 4. Services provided during 2014 but not yet collected $340, and Accrued Revenues ending balance was lower than its beginning balance by $200. 5. Gain from sale of equipment during 2014 was $700. 6. Cash paid for services to be used next period $150, and Deferred Expenses ending balance was lower than its beginning balance by $300. 7. Cash paid for expenses incurred in 2014 $45,500. 8. Cash collected for services to be provided next period $560, and Deferred revenues ending balance was higher than its beginning balance by $320. 9. Increase in Accumulated depreciation during 2014 by $2,500.
Required: Calculate the net income for 2014. Calculate the net cash flow from operating activities for 2014.
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