The net income reported on the income statement for the current year was $510,000. Depreciation recorded on plant assets was $76,000. Accounts receivable and inventories increased by $40,000 and $16,000, respectively. Prepaid expenses and accounts payable decreased by $2,000 and $32,000, respectively. How much cash was provided by operating activities?
A)$480,000.
B)$500,000.
C)$464,000.
D)$672,000.

Question

Quizplus · Accepted Answer

The Answer of The net income reported on the income statement for the current year was $510,000. Depreciation recorded on plant assets was $76,000. Accounts receivable and inventories increased by $40,000 and $16,000, respectively. Prepaid expenses and accounts payable decreased by $2,000 and $32,000, respectively. How much cash was provided by operating activities?
A)$480,000.
B)$500,000.
C)$464,000.
D)$672,000.

The Net Income Reported on the Income Statement for the Current