Use the indirect method to determine Anka Company’s net cash provided or used for operating activities using the below information: Net income $15,200 Depreciation expense 10,000 Cash payment on long-term note payable 8,000 Gain on sale of equipment 3,000 Increase in inventory 1,500 Increase in accounts payable 2,850 Group of answer choices $15,550 $42,400 ($4,450) $23,550
Use the indirect method to determine Anka Company’s net cash provided or used for operating activities using the below information: Net income $15,200 Depreciation expense 10,000 Cash payment on long-term note payable 8,000 Gain on sale of equipment 3,000 Increase in inventory 1,500 Increase in accounts payable 2,850 Group of answer choices $15,550 $42,400 ($4,450) $23,550
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Use the indirect method to determine Anka Company’s net cash provided or used for operating activities using the below information:
| Net income | $15,200 |
| 10,000 | |
| Cash payment on long-term note payable | 8,000 |
| Gain on sale of equipment | 3,000 |
| Increase in inventory | 1,500 |
| Increase in accounts payable | 2,850 |
Group of answer choices
$15,550
$42,400
($4,450)
$23,550
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