Question
In: Accounting
In its statement of cash flows issued for the year ending December 31, Oxford Company reported...
In its statement of cash flows issued for the year ending December 31, Oxford Company reported a net cash inflow from operating activities of $123. The following adjustments were included in the supplementary schedule reconciling cash flow from operating activities with net income:
|
Patent Amortization |
$38 |
|
Increase in net accounts receivable |
31 |
|
Decrease in inventory |
27 |
|
Decrease in accounts payable |
48 |
|
Gain on fixed asset sale |
12 |
Net income is:
Select one:
a. $26
b. $149
c. $125
d. $97
e. $225
Solutions
Expert Solution
| Calculation of Net Income by doing reverse calculation | |
| Cash inflow from operating activities | 123 |
| Less: Patent Amortization | (38) |
| Add: Increase in net accounts receivable | 31 |
| Less: Decrease in inventory | (27) |
| Add: Decrease in accounts payable | 48 |
| Add: Gain on fixed asset sale | 12 |
| Net Income | 149 |
| Hence, the Net Income is (b). $149 |
ekkarill92 answered 3 years agoRelated Solutions
In its statement of cash flows issued for the year ending December 31, Oxford Company reported...
In its statement of cash flows issued for the year ending
December 31, Oxford Company reported a net cash inflow from
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Depreciation
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Increase in accounts payable
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In its statement of cash flows issued for the year ending December 31, Oxford Company reported...
In its statement of cash flows issued for the year ending
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operating activities with net income:
Depreciation
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Increase in net accounts receivable
31,000
Decrease in inventory
27,000
Decrease in accounts payable
48,000
Increase in interest payable
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