Castile Inc. had a beginning balance of $2,800 in its Accounts Receivable account. The ending balance...
Castile Inc. had a beginning balance of $2,800 in its Accounts Receivable account. The ending balance of Accounts Receivable was $3,200. During the period, Castile recognized $49,000 of revenue on account. Castile’s Salaries Payable account has a beginning balance of $2,050 and an ending balance of $1,100. During the period, the company recognized $38,500 of accrued salary expense.
Required a. Based on the information provided, determine the amount of net income.
b. Based on the information provided, determine the amount of net cash flow from operating activities.
Homework Answers
| a | ||
| Revenue | 49000 | |
| Less: Expenses | 38500 | |
| Net income | 10500 | |
| b | ||
| Cash from accounts receivable | 48600 | =2800+49000-3200 |
| Less: Cash paid for salary expense | 39450 | =2050+38500-1100 |
| Net cash flow from operating activities | 9150 |
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