### Balance Sheet AnalysisAssume a company had net income of $72,000 and provided the following excerpts from its balance sheet:#### Current Assets- **This Year** - Accounts Receivable: $40,000 - Inventory: $53,000 - Prepaid Expenses: $13,000- **Last Year** - Accounts Receivable: $46,000 - Inventory: $50,000 - Prepaid Expenses: $11,000#### Current Liabilities- **This Year** - Accounts Payable: $38,000 - Accrued Liabilities: $18,000 - Income Taxes Payable: $13,000- **Last Year** - Accounts Payable: $44,000 - Accrued Liabilities: $15,000 - Income Taxes Payable: $10,000---If the company did not sell any noncurrent assets during the period and the credits to its accumulated depreciation account were $21,000, then **based solely on the information provided**, the company's net cash provided by (used in) operating activities would be:### Multiple Choice- ○ $94,000- ○ $52,000- ○ $68,000- ○ $92,000---This exercise involves analyzing changes in current assets and liabilities alongside net income and depreciation to determine cash flow from operating activities.

Name: ### Balance Sheet AnalysisAssume a company had net income of $72,000
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Description: ### Balance Sheet AnalysisAssume a company had net income of $72,000 and provided the following excerpts from its balance sheet:#### Current Assets- **This Year** - Accounts Receivable: $40,000 - Inventory: $53,000 - Prepaid Expenses: $13,000- **

Solution: Statement of Cash Flows (Partial) For the current year Particulars Details Amount…

Business

Accounting

Assue a company flad fiet income of S72000 and provided tie lollowinng excerpts irom its Dalance This Year Last Year Current assets: Accounts receivable $40,000 $53,000 $46,000 $50,000 $11,000 Inventory Prepaid expenses Current liabilities: Accounts payable Accrued liabilities Income taxes payable $13,000 $38,000 $18,000 $13,000 $44,000 $15,000 $10, e00 If the company did not sell any noncurrent assets during the period and the credits to its accumulated depreciation account were $21,000, then besed solely on the Information provided, the company's net cash provided by (used in) operating activities would be: Multiple Choice

Assue a company flad fiet income of S72000 and provided tie lollowinng excerpts irom its Dalance This Year Last Year Current assets: Accounts receivable $40,000 $53,000 $46,000 $50,000 $11,000 Inventory Prepaid expenses Current liabilities: Accounts payable Accrued liabilities Income taxes payable $13,000 $38,000 $18,000 $13,000 $44,000 $15,000 $10, e00 If the company did not sell any noncurrent assets during the period and the credits to its accumulated depreciation account were $21,000, then besed solely on the Information provided, the company's net cash provided by (used in) operating activities would be: Multiple Choice

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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Breanna Inc. Accounts receivable$10,700Accumulated depreciation 50,800Cost of goods sold 123,000Income tax expense 8,000Cash 62,000Net sales 201,000Equipment 128,000Selling, general, and administrative expenses 32,000Common stock (8,700 shares) 90,000Accounts payable 14,300Retained earnings, 1/1/19 30,000Interest expense 5,600Merchandise inventory 38,600Long-term debt 38,000Dividends declared and paid during 2019 16,200 Item1 Time Remaining 2 hours 32 minutes 36 seconds 02:32:36 Item 1 Time Remaining 2 hours 32 minutes 36 seconds 02:32:36 The information on the following page was obtained from the records of Breanna Inc.: Accounts receivable $ 10,700 Accumulated depreciation 50,800 Cost of goods sold 123,000 Income tax expense 8,000 Cash 62,000 Net sales 201,000 Equipment 128,000 Selling, general, and administrative expenses 32,000 Common stock (8,700 shares) 90,000 Accounts payable 14,300 Retained earnings, 1/1/19…
ces For the year just completed, Hanna Company had net income of $90,500. Balances in the company's current asset and current liability accounts at the beginning and end of the year were as follows: Current assets: Cash and cash equivalents Accounts receivable Inventory Prepaid expenses Current liabilities: Accounts payable Accrued liabilities Income taxes payable December 31 End of Year $ 55,000 $ 152,000 $ 451,000 $ 12,000 $ 356,000 $ 8,000 $ 35,000 Beginning of Year $ 83,000 $184,000 $ 343,000 $ 14,000 $ 400,000 $ 11,500 $ 27,000 The Accumulated Depreciation account had total credits of $58,000 during the year. Hanna Company did not record any gains or losses during the year. Required: Using the indirect method, determine the net cash provided by operating activities for the year. (List any deduction in cash and cash outflows as negative amounts.) Hanna Company Statement of Cash Flows-Indirect Method (partial) +
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