Lino Company’s worksheet for the preparation of its 20X1 statement of cash flows included the following information: Dec31 Jan 1 Accounts receivable 29,000 $ 23,000 Allowance for uncollectible accounts 1,000 800 Prepaid rent expense 8,200 12,400 Accounts payable 22,400 19,400 Lino’s 20X1 net income is $150,000. Required: What amount should Lino include as net cash that is provided by operating activities in the statement of cash flows?
Lino Company’s worksheet for the preparation of its 20X1 statement of cash flows included the following information: Dec31 Jan 1 Accounts receivable 29,000 $ 23,000 Allowance for uncollectible accounts 1,000 800 Prepaid rent expense 8,200 12,400 Accounts payable 22,400 19,400 Lino’s 20X1 net income is $150,000. Required: What amount should Lino include as net cash that is provided by operating activities in the statement of cash flows?
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter12A: The Statement Of Cash Flows
Section: Chapter Questions
Problem 1P: Mahoney Company has the following financial statements for 2017 and 2018. Assume that the purchase...
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Lino Company’s worksheet for the preparation of its 20X1 statement of
| Dec31 | Jan 1 | |||
| Accounts receivable | 29,000 | $ | 23,000 | |
| Allowance for uncollectible accounts | 1,000 | 800 | ||
| Prepaid rent expense | 8,200 | 12,400 | ||
| Accounts payable | 22,400 | 19,400 |
Lino’s 20X1 net income is $150,000.
Required:
What amount should Lino include as net cash that is provided by operating activities in the statement of cash flows?
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