The net income reported on the income statement for the current year was $275,000. Depreciation...
60.1K
Verified Solution
Link Copied!
Question
Accounting
The net income reported on the income statement for the current year was $275,000. Depreciation recorded on fixed assets and amortization of patents for the year were $40,000 and $9,000, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows: Cash Accounts receivable Inventories Prepaid expenses Accounts payable (merchandise creditors) What is the amount of cash flows from operating activities reported on the statement of cash flows prepared by the indirect method? End Beginning $50,000 $60,000 112,000 108,000 105,000 93,000 6,500 89,000 4,500 75,000 Select one: a. $324,000 b. $198,000 c. $352,000 d $296,000
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
