Metro Supply Corp. reported net income of $72,000 for the year ended December 31, 2024. January 1 balances in accounts receivable and accounts payable were $45,000 and $38,000 respectively. Year-end balances in these accounts were $48,000 and $43,000, respectively. Assuming that all relevant information has been presented, Metro's cash flows from operating activities would be: a. $70,000 b. $72,000 c. $74,000 d. $75,000

Metro Supply Corp. reported net income of $72,000 for the year ended December 31, 2024. January 1 balances in accounts receivable and accounts payable were $45,000 and $38,000 respectively. Year-end balances in these accounts were $48,000 and $43,000, respectively. Assuming that all relevant information has been presented, Metro's cash flows from operating activities would be: a. $70,000 b. $72,000 c. $74,000 d. $75,000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter21: The Statement Of Cash Flows

Section: Chapter Questions

Problem 5RE: In the current year, Harrisburg Corporation had net income of 35,000, a 9,000 decrease in accounts...

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