Mayweather reports net income of $330,000 for the year ended December 31. It also reports $106,700 depreciation expense and a $11,500 loss on the sale of equipment. Its comparative balance sheet reveals a $46,200 increase in accounts receivable, a $11,700 decrease in prepaid expenses, a $17,700 increase in accounts payable, a $14,500 decrease in wages payable, a $86,000 increase in equipment, and a $115,000 decrease in notes payable. Calculate the net increase in cash for the year. Multiple Choice $416,900. $227,400. $330,900.

Mayweather reports net income of $330,000 for the year ended December 31. It also reports $106,700 depreciation expense and a $11,500 loss on the sale of equipment. Its comparative balance sheet reveals a $46,200 increase in accounts receivable, a $11,700 decrease in prepaid expenses, a $17,700 increase in accounts payable, a $14,500 decrease in wages payable, a $86,000 increase in equipment, and a $115,000 decrease in notes payable. Calculate the net increase in cash for the year. Multiple Choice $416,900. $227,400. $330,900.

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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