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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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