5) A company had the following income statement for the year ending June 30, 2021: Income Statement Sales Expenses: Cost of goods sold. Wage expense D Depreciation Interest Loss (gain) on sale of equipment. Miscellaneous expenses. Income before taxes.. Income taxes Net income 4. wages payable decreased by $3,000 5. income taxes payable increased by $2,000 6. deferred tax liabilities increased by $7,000 $ 592,000 118,000 70,000 32,000 (20,000) 48,000 $984,000 During the year ended June 30, 2021, changes in the following account balances occurred: 1. accounts receivable increased by $13,000 2. inventory increased by $16,000 3. accounts payable arising from inventory purchases increased by $17,000 A) $133,000 B) $138,000 C) $140,000 D) $144,000 E) $160,000 840,000 144,000 50,000 $ 94,000 Payments for miscellaneous expenses (all incurred on account) were $43,000 and for in- terest $35,000. Based on the above information, the net cash provided by operating activities for the year ending June 30, 2021, amounted to:

5) A company had the following income statement for the year ending June 30, 2021: Income Statement Sales Expenses: Cost of goods sold. Wage expense D Depreciation Interest Loss (gain) on sale of equipment. Miscellaneous expenses. Income before taxes.. Income taxes Net income 4. wages payable decreased by $3,000 5. income taxes payable increased by $2,000 6. deferred tax liabilities increased by $7,000 $ 592,000 118,000 70,000 32,000 (20,000) 48,000 $984,000 During the year ended June 30, 2021, changes in the following account balances occurred: 1. accounts receivable increased by $13,000 2. inventory increased by $16,000 3. accounts payable arising from inventory purchases increased by $17,000 A) $133,000 B) $138,000 C) $140,000 D) $144,000 E) $160,000 840,000 144,000 50,000 $ 94,000 Payments for miscellaneous expenses (all incurred on account) were $43,000 and for in- terest $35,000. Based on the above information, the net cash provided by operating activities for the year ending June 30, 2021, amounted to:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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