Mast Company reports net income of $315,000 for the year ended December 31. It also reports $98,900 depreciation expense and a $10,600 loss on the sale of equipment. Its comparative balance sheet reveals a $42,600 increase in accounts receivable, a $10,800 decrease in prepaid expenses, a $16,200 increase in accounts payable, and a $13,300 decrease in wages payable. Calculate the net increase in cash for the year. Mast Company reports net income of $315,000 for the year ended December 31. It also reports $98,900 depreciation expense and a $10,600 loss onthe sale of equipment. Its comparative balance sheet reveals a $42.600 increase in accounts receivable, a $10,800 decrease in prepaid expenses, a$16.200 increase in accounts payable, and a $13,300 decrease in wages payable. Calculate the net increase in cash for the year.

Cash Flow Statement - Statement of Cash Flow includes inflow and outflow cash during the financial…

Answered: Mast Company reports net income of…

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter14: Statement Of Cash Flows

Section: Chapter Questions

Problem 54P

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Mast Company reports net income of $315,000 for the year ended December 31. It also reports $98,900 depreciation expense and a $10,600 loss on the sale of equipment. Its comparative balance sheet reveals a $42,600 increase in accounts receivable, a $10,800 decrease in prepaid expenses, a $16,200 increase in accounts payable, and a $13,300 decrease in wages payable. Calculate the net increase in cash for the year.

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