Cory issued a note to his creditor in exchange for an account. cory records the transaction by debiting

Business

2 answers:

PIT_PIT [208]3 years ago

8 0

I believe the answer is a.

egoroff_w [7]3 years ago

8 0

The correct answer is letter C. Accounts Payable and Crediting Notes Payable.

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Company had net income of $265,307. Depreciation expense is $27,888. During the year, Accounts Receivable and Inventory increase

Dafna1 [17]

option D is the correct answer - $254094

Explanation:

As per the given data in the question, the following is used to calculate the net cash from the operating activities.

Net Income = 265307

Add : Depreciation = 27888

Less Increase in Account receivable = (17637)

Less Increase in Closing stock = ($28123)

Add : Prepaid Expenses ( Decrease) = 2852

Less: Decrease in Accounts payable = (4066)

Add: Loss on sale of Asset ( not Operating in nature) = 7873

Therefore, the Net cash from operating activities = $254094

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As inflation in the United States is higher, the dollar is affected by a loss of purchasing power, therefore it depreciates with respect to the Mexican peso.

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