The net income reported on the income statement for the current year was $281,847. Depreciation recorded on fixed assets and amortization of patents for the year were $32,101 and $10,127, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows: End Beginning Cash $37,628 $62,683 Accounts Receivable 120,761 105,004 Inventories 105,470 86,078 Prepaid Expenses 4,242 8,185 Accounts Payable (merchandise creditors) 47,812 74,478 What is the amount of the net cash flows from operating activities reported on the statement of cash flows prepared by the indirect method? a.$351,049 b.$288,926 c.$266,203 d.$255,489
The net income reported on the income statement for the current year was $281,847. Depreciation recorded on fixed assets and amortization of patents for the year were $32,101 and $10,127, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows: End Beginning Cash $37,628 $62,683 Accounts Receivable 120,761 105,004 Inventories 105,470 86,078 Prepaid Expenses 4,242 8,185 Accounts Payable (merchandise creditors) 47,812 74,478 What is the amount of the net cash flows from operating activities reported on the statement of cash flows prepared by the indirect method? a.$351,049 b.$288,926 c.$266,203 d.$255,489
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The net income reported on the income statement for the current year was $281,847.
| End | Beginning | |
| Cash | $37,628 | $62,683 |
| Accounts Receivable | 120,761 | 105,004 |
| Inventories | 105,470 | 86,078 |
| Prepaid Expenses | 4,242 | 8,185 |
| Accounts Payable (merchandise creditors) | 47,812 | 74,478 |
What is the amount of the net
a.$351,049
b.$288,926
c.$266,203
d.$255,489
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