Adjusting Net Income for Changes in Current Assets and Current Liabilities Roberts Company reported net income of $50,000 for 20-2. The December 31 balances of the current assets and current liabilities are shown below. 20-2 20-1 Accounts Receivable $6,000 $10,000 Merchandise Inventory 60,000 50,000 Accounts Payable 36,000 40,000 Wages Payable 24,000 16,000 Compute cash provided by operating activities.
Adjusting Net Income for Changes in Current Assets and Current Liabilities Roberts Company reported net income of $50,000 for 20-2. The December 31 balances of the current assets and current liabilities are shown below. 20-2 20-1 Accounts Receivable $6,000 $10,000 Merchandise Inventory 60,000 50,000 Accounts Payable 36,000 40,000 Wages Payable 24,000 16,000 Compute cash provided by operating activities.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Adjusting Net Income for Changes in Current Assets and Current Liabilities
Roberts Company reported net income of $50,000 for 20-2. The December 31 balances of the current assets and current liabilities are shown below.
| 20-2 | 20-1 | |||
| $6,000 | $10,000 | |||
| Merchandise Inventory | 60,000 | 50,000 | ||
| Accounts Payable | 36,000 | 40,000 | ||
| Wages Payable | 24,000 | 16,000 |
Compute cash provided by operating activities.
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