The net income reported on the income statement for the current year was $313,659. Depreciation recorded on fixed assets and amortization of patents for the year were $38,968,and $9,722, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows:EndBeginningCash$42,392$55,782Accounts receivable126,305101,016Inventories100,58280,433Prepaid expenses4,0607,575Accounts payable (merchandise creditors)50,30278,390What is the amount of cash flows from operating activities reported on the statement of cash flows prepared by the indirect method?Oa. $214,402Ob. $432,360Oc. $412,916Od. $292,338

and $9,722, respectively. Balances of current asset and currer End Cash $42,392 Accounts receivable 126,305 Inventories 100,582 Prepaid expenses 4,060 Accounts payable (merchandise creditors) 50,302 What is the amount of cash flows from operating activities rep Oa. $214,402 Ob. $432,360 Oc. $412,916

and $9,722, respectively. Balances of current asset and currer End Cash $42,392 Accounts receivable 126,305 Inventories 100,582 Prepaid expenses 4,060 Accounts payable (merchandise creditors) 50,302 What is the amount of cash flows from operating activities rep Oa. $214,402 Ob. $432,360 Oc. $412,916

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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None
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