Sye Chase started and operated a small family architectural firm in Year 1. The firm was affected by two events: (1) Chase provided $25,000 of services on account, and (2) he purchased $2,800 of supplies on account. There were $250 of supplies on hand as of December 31, Year 1. d. Explain why the amounts of net income and net cash flow from operating activities differ. ; Net Cash Flow from Operating Activities is of revenue was earned on account, but none was collected; Net income is of supplies were used, but none were paid for.

Sye Chase started and operated a small family architectural firm in Year 1. The firm was affected by two events: (1) Chase provided $25,000 of services on account, and (2) he purchased $2,800 of supplies on account. There were $250 of supplies on hand as of December 31, Year 1. d. Explain why the amounts of net income and net cash flow from operating activities differ. ; Net Cash Flow from Operating Activities is of revenue was earned on account, but none was collected; Net income is of supplies were used, but none were paid for.

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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