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Kruka [31]
3 years ago
8

A company had net income of $252,327. Depreciation expense is $21,821. During the year, Accounts Receivable and Inventory increa

sed by $14,346 and $33,617, respectively. Prepaid Expenses and Accounts Payable decreased by $3,079 and $4,161, respectively. There was also a loss on the sale of equipment of $5,398. How much cash was provided by operating activities? Select the correct answer.
a. $279,546
b. $219,705
c. $261,357
d. $230,501
Business
1 answer:
Anettt [7]3 years ago
7 0

Answer: Option (d) is correct.

Explanation:

Given that,

Net Income = $252,327

Depreciation expense = $21,821

Accounts Receivable increased by = $14,346

Inventory increased by  = $33,617

Prepaid Expenses decreased by = $3,079

Accounts Payable decreased by = $4,161

Loss on the sale of equipment = $5,398

Operating Income = Net Income + Depreciation expense - Accounts Receivable - Inventory + Prepaid Expenses - Accounts Payable + Loss on the sale of equipment

= $252,327 + $21,821 - $14,346 -  $33,617 + $3,079 - $4,161 + $5,398

= $230,501

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Answer:

Irrational decision

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In the given case, Joe was not willing to pay more than $500 cash yet eventually ended up paying $600. Even if the $25 gift card is considered, he ended up paying $575 which is more than he had decided to pay.

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3 years ago
The following errors took place in journalizing and posting transactions:
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Answer:

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Debit : Prepaid Expense $37,600

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Debit : Dividends $18,000

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Explanation:

Journal 1

The first error has to be corrected by debiting the Prepaid Expenses by twice the amount paid to cancel the effect of a credit entry made to that account. Cash is credited to show the correct credit entry that was supposed to be made. Insurance expense is credited to cancel the debit entry made to this account in error.

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3 years ago
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Explanation:

The computation of the rate of interest that makes the equivalent is shown below:

As we know that

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Let us assume the interest rate be x

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