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During Year 1, China Enterprises experienced the following events. (1) Earned $13,400 of revenue on account (2) Incurred $9,000 of expenses on account Based on this information, which of the following describes the combined effects of both events on the amount of total assets, net inca and cash flow from operating activities shown on the Year 1 financial statements? Option A Option B Option C Option D Total Assets Net Income $4,400 $4,400 $4,400 $13,400 $4,400 $13,400 $13,400 $13,400 Net Cash Flow from Operating Activities. 0 0 $4,400 $4,400

During Year 1, China Enterprises experienced the following events. (1) Earned $13,400 of revenue on account (2) Incurred $9,000 of expenses on account Based on this information, which of the following describes the combined effects of both events on the amount of total assets, net inca and cash flow from operating activities shown on the Year 1 financial statements? Option A Option B Option C Option D Total Assets Net Income $4,400 $4,400 $4,400 $13,400 $4,400 $13,400 $13,400 $13,400 Net Cash Flow from Operating Activities. 0 0 $4,400 $4,400

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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Which option A, B, C, D
0:45 k During Year 1, China Enterprises experienced the following events. (1) Earned $13,400 of revenue on account (2) Incurred $9,000 of expenses on account Based on this information, which of the following describes the combined effects of both events on the amount of total assets, net income and cash flow from operating activities shown on the Year 1 financial statements? Option A Option B. Option C Option D Total Assets $4,400 $13,400 $13,400 $13,400 Net Income $4,400 $4,400 $4,400 $13,400 Net Cash Flow from Operating Activities 0 0 $4,400 $4,400
Transcribed Image Text:0:45 k During Year 1, China Enterprises experienced the following events. (1) Earned $13,400 of revenue on account (2) Incurred $9,000 of expenses on account Based on this information, which of the following describes the combined effects of both events on the amount of total assets, net income and cash flow from operating activities shown on the Year 1 financial statements? Option A Option B. Option C Option D Total Assets $4,400 $13,400 $13,400 $13,400 Net Income $4,400 $4,400 $4,400 $13,400 Net Cash Flow from Operating Activities 0 0 $4,400 $4,400
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