What was net income for specific period

Reference no: EM13257393

Use the information provided in each of the following independent situations to answer the questions. For each situation, briefly explain the reasoning behind each of your calculations.

a. Net cash flow from operations for a period was $30,000; Noncash revenues for the period were $11,000. Noncash expenses forthe period were $13,200. What was net income for the period?

b. Wages expense for a period was $69,000. Wages payableincreased during the period by $10,500. How much cash was paid toemployees during the period?

c. Cash collected from customers for a fiscal period was $224,500. Sales revenue for the period was $241,000. Accounts receivable at the beginning of the period was $36,000. What was thebalance in accounts receivable at the end of the period?

d. Net income for a period was $45,000. Current assets increased during the period by $7,500. Current liabilities increased during the period by $10,000. How much was cash flow from operations for the period?

Reference no: EM13257393

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