The comparative statement of financial position for Wildhorse Corporation shows the following noncash current asset and liability accounts at March 31: Accounts receivable Inventory Prepaid expenses Accounts payable Salaries payable Income tax payable 2024 $68,000 61.500 6,800 13,400 2023 11,000 $49,000 77,000 32,400 47,000 10,000 4,900 5,550 Wildhorse's statement of income reported the following selected information for the year ended March 31, 2024: sales were $870.000, cost of goods sold was $475.000, other operating expenses were $228.000 (which included depreciation expense of $22.000), salaries expense was $51,000, and income tax expense was $15.900. Calculate net cash provided (used) by operating activities using the direct method.

The comparative statement of financial position for Wildhorse Corporation shows the following noncash current asset and liability accounts at March 31: Accounts receivable Inventory Prepaid expenses Accounts payable Salaries payable Income tax payable 2024 $68,000 61.500 6,800 13,400 2023 11,000 $49,000 77,000 32,400 47,000 10,000 4,900 5,550 Wildhorse's statement of income reported the following selected information for the year ended March 31, 2024: sales were $870.000, cost of goods sold was $475.000, other operating expenses were $228.000 (which included depreciation expense of $22.000), salaries expense was $51,000, and income tax expense was $15.900. Calculate net cash provided (used) by operating activities using the direct method.

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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