Cain Company reports net cash provided by operating activities of $39,500. It also reports the following information under "Adjustments to reconcile net income to net cash provided by operating activities" on its statement of cash flows (using the indirect method). Gain on sale of equipment Increase in accounts receivable Depreciation expense Determine Cain's net income. Net income $ 11,800 Decrease in inventory 4,988 Increase in prepaid expenses 8,888 Decrease in wages payable $ 7,800 5,800
Cain Company reports net cash provided by operating activities of $39,500. It also reports the following information under "Adjustments to reconcile net income to net cash provided by operating activities" on its statement of cash flows (using the indirect method). Gain on sale of equipment Increase in accounts receivable Depreciation expense Determine Cain's net income. Net income $ 11,800 Decrease in inventory 4,988 Increase in prepaid expenses 8,888 Decrease in wages payable $ 7,800 5,800
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter16: Statement Of Cash Flows
Section: Chapter Questions
Problem 15E
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