Castile Inc. had a beginning balance of $4,000 in Its Accounts Recelvable account. The ending balance of Accounts Recelvable was $4,500. Durlng the perlod, Castile recognized $68,000 of revenue on account Castile's Salarles Payable account has a beginning balance of $2,600 and an ending balancé of $1,500. During the pertod, the company recognized $46,000 of accrued salary expense. Required a. Based on the Information provided, determine the amount of net Income. b. Based on the Information provided, determine the amount of net cash flow from operating activitles. a. Net income b. Net cash flow from operating activities
Castile Inc. had a beginning balance of $4,000 in Its Accounts Recelvable account. The ending balance of Accounts Recelvable was $4,500. Durlng the perlod, Castile recognized $68,000 of revenue on account Castile's Salarles Payable account has a beginning balance of $2,600 and an ending balancé of $1,500. During the pertod, the company recognized $46,000 of accrued salary expense. Required a. Based on the Information provided, determine the amount of net Income. b. Based on the Information provided, determine the amount of net cash flow from operating activitles. a. Net income b. Net cash flow from operating activities
Chapter4: The Adjustment Process
Section: Chapter Questions
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Transcribed Image Text:Castile Inc. had a beginning balance of $4,000
$4,500. During the perlod, Castile recognized $68,000 of revenue on account Castile's Salarles Payable account has a beginning
balance of $2,600 and an ending balancé of $1,500. During the perlod, the company recognized $46,000 of accrued salary expense.
Its Accounts Recelvable account The ending balance of Accounts Recelvable was
Required
a. Based on the Information provided, determine the amount of net Income.
b. Based on the Information provided, determine the amount of net cash flow from operating activitles.
8.
Net income
b.
Net cash flow from operating activities
Expert Solution
Step 1
Cash flows from operating activities: It is a section of Statement of cash flow that explains the sources and uses of cash from business activities.
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