The net income reported on the income statement for the current year was $310,000. Depreciation recorded on fixed assets for the year was $49,000. Balances of current asset and current liability accounts at the end and beginning of the year, respectively, are as follows: Cash Accounts receivable Prepaid expenses $245,000 $343,000 End $301,000 Beginning Accounts payable (merchandise creditors) 75,000 89,000 $399,000 $50,000 $60,000 What is the amount of net cash flows from (used for) operating activities reported on the reconciliation of net income to net cash flows from (used for) operating activities? 112,000 108,000 4,500 6,500
The net income reported on the income statement for the current year was $310,000. Depreciation recorded on fixed assets for the year was $49,000. Balances of current asset and current liability accounts at the end and beginning of the year, respectively, are as follows: Cash Accounts receivable Prepaid expenses $245,000 $343,000 End $301,000 Beginning Accounts payable (merchandise creditors) 75,000 89,000 $399,000 $50,000 $60,000 What is the amount of net cash flows from (used for) operating activities reported on the reconciliation of net income to net cash flows from (used for) operating activities? 112,000 108,000 4,500 6,500
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:The net income reported on the income statement for the current year was
$310,000. Depreciation recorded on fixed assets for the year was $49,000.
Balances of current asset and current liability accounts at the end and
beginning of the year, respectively, are as follows:
End
Cash
Accounts receivable
Prepaid expenses
$245,000
Accounts payable (merchandise creditors) 75,000
$343,000
$301,000
$50,000 $60,000
$399,000
Beginning
112,000 108,000
4,500
What is the amount of net cash flows from (used for) operating activities
reported on the reconciliation of net income to net cash flows from (used
for) operating activities?
6,500
89,000
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