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:
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter15: Financial Statement Analysis
Section: Chapter Questions
Problem 52E: Juroe Company provided the following income statement for last year: Juroes balance sheet as of...
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![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:](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F139766ca-34e7-403c-b05b-8551f4403476%2F080bf441-521f-4445-b9e9-d5599ec91914%2Fstlg7fc_processed.png&w=3840&q=75)
Transcribed Image Text: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 had net income of $60,000. It provided the following excerpts from its balance sheet:
This Year Last Year
Current assets:
$ 41,000
$ 57,000
$ 46,000
$ 53,000
Accounts receivable
Inventory
Current liabilities:
$ 42,000
$ 14,000
$ 49,000
$ 14,000
Accounts payable
Income taxes payable
The company sold a piece of equipment for cash proceeds of $25,000. The original cost of the asset was $85,000
and its accumulated depreciation at the time of sale was $65,000. The company's accumulated depreciation
account has beginning and ending balances of $320,000 and $280,000, respectively. Based solely on the
information provided, the net cash provided by operating activities would be:](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F139766ca-34e7-403c-b05b-8551f4403476%2F080bf441-521f-4445-b9e9-d5599ec91914%2Ffct4qyk_processed.png&w=3840&q=75)
Transcribed Image Text:Assume a company had net income of $60,000. It provided the following excerpts from its balance sheet:
This Year Last Year
Current assets:
$ 41,000
$ 57,000
$ 46,000
$ 53,000
Accounts receivable
Inventory
Current liabilities:
$ 42,000
$ 14,000
$ 49,000
$ 14,000
Accounts payable
Income taxes payable
The company sold a piece of equipment for cash proceeds of $25,000. The original cost of the asset was $85,000
and its accumulated depreciation at the time of sale was $65,000. The company's accumulated depreciation
account has beginning and ending balances of $320,000 and $280,000, respectively. Based solely on the
information provided, the net cash provided by operating activities would be:
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