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Zilo Corp. began operations during the current year. The following is Zilo's balance sheet at December 31st: Cash Accounts receivable Prepaid insurance $ 22,000 30,000
Zilo Corp. began operations during the current year. The following is Zilo's balance sheet at December 31st: Cash Accounts receivable Prepaid insurance $ 22,000 30,000 10,000 Property, plant and equipment, net 95,000 Total assets $ 157,000 $ 25,000 Accounts payable Common stock Retained earnings 75,000 57,000 Total liabilities and stockholders' equity $ 157,000 Zilo's net income for the current year was $100,000 which included a loss on sale of equipment of $5,000 and depreciation expense of $8,000. What amount should Zilo report as "cash provided by operating activities" in its statement of cash flows for the current year under US GAAP? 128,000 98,000 88,000 63,000 122,000
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