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Cain Company reports net cash provided by operating activities of $35,500. 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 i $ 10,200 Decrease in inventory 4,100 Increase in prepaid expenses 7,200 Decrease in wages payable $ 6,200 4,200 3,200

Cain Company reports net cash provided by operating activities of $35,500. 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 i $ 10,200 Decrease in inventory 4,100 Increase in prepaid expenses 7,200 Decrease in wages payable $ 6,200 4,200 3,200

FINANCIAL ACCOUNTING
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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ferring net income from operating cash flows LO P2 Cain Company reports net cash provided by operating activities of $35,500. 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 $ 10,200 Decrease in inventory 4,100 Increase in prepaid expenses 7,200 Decrease in wages payable $ 6,200 4,200 3,200
Transcribed Image Text:ferring net income from operating cash flows LO P2 Cain Company reports net cash provided by operating activities of $35,500. 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 $ 10,200 Decrease in inventory 4,100 Increase in prepaid expenses 7,200 Decrease in wages payable $ 6,200 4,200 3,200
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