Reference no: EM132694891
FSB Inc.'s Income Statement and the operating section of its Cash Flow Statement (indirect method) for October 2020 are provided below. FSB prepares its statements using U.S. GAAP.
Income Statement Cash Flow Statement (Operating Section)
Revenue $5,000 Net income $1,290
Cost of Goods Sold 1,200 Depreciation Expense 300
Gross Profit 3,800 (Increase) Decrease in Accounts Receivables (250)
Salaries expense 1,300 (Increase) Decrease in Inventory (50)
Depreciation expense 300 Increase (Decrease) in Accounts Payable 175
Operating income 2,200 Increase (Decrease) in Salaries Payable (30)
Interest expense 50 Increase (Decrease) Change in Taxes Payable (25)
Pre-tax income 2,150 Cash flow from operating activities $1,410
Tax expense 860
Net income $1,290
Question 1: Assuming no write offs, how much cash did FSB collect from customers in October 2020?
Question 2: How much cash did FSB pay to suppliers for inventory in October2020??
Question 3: If FSB increased the income statement's depreciation expense by $50, would it increase its cash from operations by $50?
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