Assume a company's net cash provided by operating activities is $86,000. It provided the following excerpts fromits balance sheet:This YearLast YearCurrent assets:$ 40,000$ 53,000$ 13,000$ 46,000$ 50,000$ 11,000Accounts receivableInventoryPrepaid expensesCurrent liabilities:$ 38,000$ 18,000$ 13,000$ 44,000$ 15,000$ 10,000Accounts payableAccrued liabilitiesIncome taxes payableAlso assume the company incurred a loss on the sale of equipment of $4,000 and the credits to its accumulateddepreciation account are $21,000. Based solely on the information provided, the company's net income wouldbe: Assume a company had net income of $60,000. It provided the following excerpts from its balance sheet:This Year Last YearCurrent assets:$ 41,000$ 57,000$ 46,000$ 53,000Accounts receivableInventoryCurrent liabilities:$ 42,000$ 14,000$ 49,000$ 14,000Accounts payableIncome taxes payableThe company sold a piece of equipment for cash proceeds of $25,000. The original cost of the asset was $85,000and its accumulated depreciation at the time of sale was $65,000. The company's accumulated depreciationaccount has beginning and ending balances of $320,000 and $280,000, respectively. Based solely on theinformation provided, the net cash provided by operating activities would be:

Operating Activities - Under this activity all the company operation-related activities like sales,…

Assume a company's net cash provided by operating activities is $86,000. It provided the following excerpts from its balance sheet: This Year Last Year Current assets: $ 40,000 $ 53,000 $ 13,000 $ 46,000 $ 50,000 $ 11,000 Accounts receivable Inventory Prepaid expenses Current liabilities: $ 38,000 $ 18,000 $ 13,000 $ 44,000 $ 15,000 $ 10,000 Accounts payable Accrued liabilities Income taxes payable Also assume the company incurred a loss on the sale of equipment of $4,000 and the credits to its accumulated depreciation account are $21,000. Based solely on the information provided, the company's net income would be:

Assume a company's net cash provided by operating activities is $86,000. It provided the following excerpts from its balance sheet: This Year Last Year Current assets: $ 40,000 $ 53,000 $ 13,000 $ 46,000 $ 50,000 $ 11,000 Accounts receivable Inventory Prepaid expenses Current liabilities: $ 38,000 $ 18,000 $ 13,000 $ 44,000 $ 15,000 $ 10,000 Accounts payable Accrued liabilities Income taxes payable Also assume the company incurred a loss on the sale of equipment of $4,000 and the credits to its accumulated depreciation account are $21,000. Based solely on the information provided, the company's net income would be:

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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