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For 2020, the following information was obtained from Shellfish Company's financial statements: • total sales revenue of $150,000, total expenses of $152,000 and a net loss of $2,000 accounts receivable decreased by $1,000 • accounts payable increased by $5,000 • wages payable increased by $3,000 $18,000 in depreciation expense was recorded What was the net cash flow from operating activities for 2020? $25,000 $23,000 $29,000 ($1,000) $16,000

For 2020, the following information was obtained from Shellfish Company's financial statements: • total sales revenue of $150,000, total expenses of $152,000 and a net loss of $2,000 accounts receivable decreased by $1,000 • accounts payable increased by $5,000 • wages payable increased by $3,000 $18,000 in depreciation expense was recorded What was the net cash flow from operating activities for 2020? $25,000 $23,000 $29,000 ($1,000) $16,000

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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For 2020, the following information was obtained from Shellfish Company's financial statements: • total sales revenue of $150,000, total expenses of $152,000 and a net loss of $2,000 • accounts receivable decreased by $1,000 accounts payable increased by $5,000 • wages payable increased by $3,000 • $18,000 in depreciation expense was recorded What was the net cash flow from operating activities for 2020? $25,000 $23,000 $29,000 ($1,000) $16,000
Transcribed Image Text:For 2020, the following information was obtained from Shellfish Company's financial statements: • total sales revenue of $150,000, total expenses of $152,000 and a net loss of $2,000 • accounts receivable decreased by $1,000 accounts payable increased by $5,000 • wages payable increased by $3,000 • $18,000 in depreciation expense was recorded What was the net cash flow from operating activities for 2020? $25,000 $23,000 $29,000 ($1,000) $16,000
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