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 YearBeginning of YearCash$51,200 $47,100 Accounts receivable (net)36,710 34,810 Merchandise inventory50,120 52,990 Prepaid expenses5,630 4,470 Accounts payable (merchandise creditors)47,970 44,560 Wages payable26,210 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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College Accounting (Book Only): A Career Approach

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Publisher:Scott, Cathy J.

Chapter12: Financial Statements, Closing Entries, And Reversing Entries

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Problem 4PA: The following accounts appear in the ledger of Celso and Company as of June 30, the end of this...

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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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