Subject-Acounting 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 andbeginning of the year, respectively, are as follows:EndCashAccounts receivablePrepaid expenses$245,000Accounts payable (merchandise creditors) 75,000$343,000$301,000$50,000 $60,000$399,000Beginning112,000 108,0004,500What is the amount of net cash flows from (used for) operating activitiesreported on the reconciliation of net income to net cash flows from (usedfor) operating activities?6,50089,000

CASH FLOW STATEMENT: It is a financial statement that shows the total cash inflows and cash…

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

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter8: Depreciation, Cost Recovery, Amortization, And Depletion

Section: Chapter Questions

Problem 30CE

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