Mavis Company's statement of cash flows showed net cash provided by operating activities of $47,000 in...
Mavis Company's statement of cash flows showed net cash provided by operating activities of $47,000 in 2016. Mavis reported an increase in accounts payable of $6,000, an increase in inventory of $2,000, depreciation expense of $3,000, and dividends paid of $8,000. Mavis's net income for 2016 was
a. $48,000.
b. $40,000.
c. $39,000.
d. $32,000.
Homework Answers
| Net income(balance)(47000+2000-6000-3000) | $40,000 |
| Add:depreciation expense | 3000 |
| Add:increase in accounts payable | 6000 |
| Less:increase in inventory | (2000) |
| Net cash provided by operating activities | 47000 |
NOTE:Dividends paid is a financing outflow.
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