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QUESTION 15 The net income reported on the income statement for the current...

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Accounting

QUESTION 15

  1. The net income reported on the income statement for the current year was $245,000. Depreciation was $40,000. Account receivable and inventories increased by $8,000 and $15,000, respectively. Prepaid expenses and accounts payable increased, respectively, by $1,000 and $8,000. How much cash was provided by operating activities?

    a.

    $332,000
    b.

    $393,000
    c.

    $269,000
    d.

    $287,000

1 points

QUESTION 16

  1. Dongrea Company reported the following year-end information: beginning work in process inventory, $180,000; cost of goods manufactured, $866,000; beginning finished goods inventory, $252,000; ending work in process inventory, $220,000; and ending finished goods inventory, $424,000. Plano Company's cost of goods sold for the year is

    a.

    $544,000.
    b.

    $874,000.
    c.

    $812,000.
    d.

    $694,000.

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