Harris Foods' 2021 income statement reported total revenues of $625,000 and total expenses of $485,000 (including $30,000 of depreciation). The 2021 comparative balance sheet reported the following: cash- beginning balance, $60,000 and ending balance, $85,000; accounts receivable- beginning balance, $50,000 and ending balance $35,000; inventory- beginning balance, $45,000 and ending balance, $55,000; Equipment- beginning balance, $225,000 and ending balance, $200,000; accounts payable- beginning balance, $65,000 and ending balance $60,000. In addition to this information, Harris Foods also reported a $5,000 gain on the sale of equipment. Therefore, based only on this information, 2021 net cash inflow from operating activities was:

Harris Foods' 2021 income statement reported total revenues of $625,000 and total expenses of $485,000 (including $30,000 of depreciation). The 2021 comparative balance sheet reported the following: cash- beginning balance, $60,000 and ending balance, $85,000; accounts receivable- beginning balance, $50,000 and ending balance $35,000; inventory- beginning balance, $45,000 and ending balance, $55,000; Equipment- beginning balance, $225,000 and ending balance, $200,000; accounts payable- beginning balance, $65,000 and ending balance $60,000. In addition to this information, Harris Foods also reported a $5,000 gain on the sale of equipment. Therefore, based only on this information, 2021 net cash inflow from operating activities was:

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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