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A small firm had revenues of $70,000 and expenses of $50,000 in the first quarter of 2024. There were no depreciation expenses. Its accounts receivable decreased from $20,000 to $19,000, while its accounts payable increased from $8,000 to $10,000. Using this information, indicate net cash flow for the firm for the first quarter of 2024.

A small firm had revenues of $70,000 and expenses of $50,000 in the first quarter of 2024. There were no depreciation expenses. Its accounts receivable decreased from $20,000 to $19,000, while its accounts payable increased from $8,000 to $10,000. Using this information, indicate net cash flow for the firm for the first quarter of 2024.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A small firm had revenues of $70,000 and expenses of $50,000 in the first quarter of 2024. There were no depreciation expenses. Its accounts receivable decreased from $20,000 to $19,000, while its accounts payable increased from $8,000 to $10,000. Using this information, indicate net cash flow for the firm for the first quarter of 2024.
Transcribed Image Text:A small firm had revenues of $70,000 and expenses of $50,000 in the first quarter of 2024. There were no depreciation expenses. Its accounts receivable decreased from $20,000 to $19,000, while its accounts payable increased from $8,000 to $10,000. Using this information, indicate net cash flow for the firm for the first quarter of 2024.
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