Hogan Company had the following account balances for 2021: Jan. 1 $36,000 51,000 9,500 Accounts receivable Accounts payable Prepaid insurance Hogan reported net income of $350,000 for 2021. Assuming no other changes in current account balances, what is the amount of net cash provided by operating activities for 2021 reported in the statement of cash flows? Multiple Choice O $346,500. O $331,000. O $324,500. Dec. 31 $42,500 62,000 17,500 $362,500.
Hogan Company had the following account balances for 2021: Jan. 1 $36,000 51,000 9,500 Accounts receivable Accounts payable Prepaid insurance Hogan reported net income of $350,000 for 2021. Assuming no other changes in current account balances, what is the amount of net cash provided by operating activities for 2021 reported in the statement of cash flows? Multiple Choice O $346,500. O $331,000. O $324,500. Dec. 31 $42,500 62,000 17,500 $362,500.
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter11: The Statement Of Cash Flows
Section: Chapter Questions
Problem 43E: Determining Cash Flows from Financing Activities Solomon Construction Company reported the following...
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![Hogan Company had the following account balances for 2021:
Accounts receivable
Accounts payable
Prepaid insurance
Multiple Choice
Hogan reported net income of $350,000 for 2021. Assuming no other changes
in current account balances, what is the amount of net cash provided by
operating activities for 2021 reported in the statement of cash flows?
O $346,500.
O $331,000.
O $324,500.
O
Dec. 31
$42,500
62,000
17,500
$362,500.
Jan. 1
$36,000
51,000
9,500](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0085203e-d8e8-4049-b5a7-9027363de512%2F503b7b2d-c9ac-4b3d-a333-00b8b0103277%2Fan618lk_processed.png&w=3840&q=75)
Transcribed Image Text:Hogan Company had the following account balances for 2021:
Accounts receivable
Accounts payable
Prepaid insurance
Multiple Choice
Hogan reported net income of $350,000 for 2021. Assuming no other changes
in current account balances, what is the amount of net cash provided by
operating activities for 2021 reported in the statement of cash flows?
O $346,500.
O $331,000.
O $324,500.
O
Dec. 31
$42,500
62,000
17,500
$362,500.
Jan. 1
$36,000
51,000
9,500
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