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the company's net income would be:

the company's net income would be:

FINANCIAL ACCOUNTING
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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Assume a company's net cash provided by operating activities is $86,000. It provided the following excerpts from its balance sheet: Current assets: Accounts receivable Inventory This Year Last Year $40,000 $ 53,000 $ 13,000 Prepaid expenses Current liabilities: Accounts payable $ 38,000 Accrued liabilities $ 18,000 Income taxes payable $13,000 $ 46,000 $50,000 $11,000 $44,000 $ 15,000 $10,000 Also assume the company incurred a loss on the sale of equipment of $4,000 and the credits to its accumulated depreciation account are $22,200. Based solely on the information provided, the company's net income would be:
Transcribed Image Text:Assume a company's net cash provided by operating activities is $86,000. It provided the following excerpts from its balance sheet: Current assets: Accounts receivable Inventory This Year Last Year $40,000 $ 53,000 $ 13,000 Prepaid expenses Current liabilities: Accounts payable $ 38,000 Accrued liabilities $ 18,000 Income taxes payable $13,000 $ 46,000 $50,000 $11,000 $44,000 $ 15,000 $10,000 Also assume the company incurred a loss on the sale of equipment of $4,000 and the credits to its accumulated depreciation account are $22,200. Based solely on the information provided, the company's net income would be:
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