Homework Help is Here – Start Your Trial Now!
Business
Accounting
a. Based on the information provided, determine the amount of net income. b. Based on the information provided, determine the amount of net cash flow from operating activities.

a. Based on the information provided, determine the amount of net income. b. Based on the information provided, determine the amount of net cash flow from operating activities.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

Alpesh

Castile Incorporated had a beginning balance of $2,100 in its Accounts Receivable account. The ending balance of Accounts Receivable was $2,800. During the period, Castile recognized $55,000 of revenue on account. Castile's Salaries Payable account has a beginning balance of $1,550 and an ending balance of $1,000. During the period, the company recognized $42,300 of accrued salary expense. Required a. Based on the information provided, determine the amount of net income. b. Based on the information provided, determine the amount of net cash flow from operating activities. a b. Net income Net cash flow from operating activities $ 12,700 $ 11,480 X
Transcribed Image Text:Castile Incorporated had a beginning balance of $2,100 in its Accounts Receivable account. The ending balance of Accounts Receivable was $2,800. During the period, Castile recognized $55,000 of revenue on account. Castile's Salaries Payable account has a beginning balance of $1,550 and an ending balance of $1,000. During the period, the company recognized $42,300 of accrued salary expense. Required a. Based on the information provided, determine the amount of net income. b. Based on the information provided, determine the amount of net cash flow from operating activities. a b. Net income Net cash flow from operating activities $ 12,700 $ 11,480 X
Expert Solution
steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Cash Flow Statement Analysis
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS