The net income reported on the income statement for the current year was $128,000. Depreciation recorded on store equipment for the year amounted to $21,100. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End of Year Beginning of Year Cash $51,200 $47,100 Accounts receivable (net) 36,710 34,810 Merchandise inventory 50,120 52,990 Prepaid expenses 5,630 4,470 Accounts payable (merchandise creditors) 47,970 44,560 Wages payable 26,210 29,110 ii) Express quantitative information to show an understanding, and or purposes of your work by for instance explaining why net cash flows from operating activities is different from net income.
The net income reported on the income statement for the current year was $128,000.
|
|
End of Year |
Beginning of Year |
||
|
Cash |
$51,200 |
|
$47,100 |
|
|
|
36,710 |
|
34,810 |
|
|
Merchandise inventory |
50,120 |
|
52,990 |
|
|
Prepaid expenses |
5,630 |
|
4,470 |
|
|
Accounts payable (merchandise creditors) |
47,970 |
|
44,560 |
|
|
Wages payable |
26,210 |
|
29,110 |
|
ii) Express quantitative information to show an understanding, and or purposes of your work by for instance explaining why net
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