The net income reported on the income statement for the current year was $128,000. Depreciation recorded on store equipment for the year amounted to $21,100. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows:
|
End of Year |
Beginning of Year |
||
Cash |
$51,200 |
|
$47,100 |
|
Accounts receivable (net) |
36,710 |
|
34,810 |
|
Merchandise inventory |
50,120 |
|
52,990 |
|
Prepaid expenses |
5,630 |
|
4,470 |
|
Accounts payable (merchandise creditors) |
47,970 |
|
44,560 |
|
Wages payable |
26,210 |
|
29,110 |
|
ii) Express quantitative information to show an understanding, and or purposes of your work by for instance explaining why net cash flows from operating activities is different from net income.
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