1-3-1 The net income reported on the income statement of Kingbird, Inc. for the current year...
1-3-1
The net income reported on the income statement of Kingbird, Inc. for the current year was $1550000. Depreciation recorded on plant assets was $293000. Accounts receivable and inventories increased by $82000 and $55000, respectively. Prepaid expenses and accounts payable decreased by $7000 and $75000, respectively. How much cash was provided by operating activities during the year?
|
$1573000. |
|
$1638000. |
|
$1710000. |
|
$2048000. |
Homework Answers
| Net income | 1550000 |
| Add:depreciation | 293000 |
| Less:increase in AR | (82000) |
| Less:increase in inventory | (55000) |
| Add:decrease in prepaid expenses | 7000 |
| Less:Decrease in AP | (75000) |
| Net cash provided by operating activities | $1638000 |
NOTE:Decrease in current liabilities is an outflow of cash and
vice versa.
Decrease in current assets is an inflow of cash and vice-versa.
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1-3-1
The net income reported on the income statement of Kingbird,
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Multiple Choice Question 129 The net income reported on the income statement for the current year...
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