Meyer Company Reported Net Income of $70,000 for the Year

question 99

Multiple Choice

Meyer Company reported net income of $70,000 for the year. During the year, accounts receivable increased by $7,000, accounts payable decreased by $3,000 and depreciation expense of $5,000 was recorded. Net cash provided by operating activities for the year is

• A) $65,000.
• B) $85,000.
• C) $69,000.
• D) $70,000.

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Definitions:

Interstate Trucking

The transport of goods by truck across state lines, subject to federal regulation in the United States.

Socially Beneficial

Activities or policies that result in positive outcomes for the wider community or society at large.

Government Loan Guarantees

Financial guarantees provided by the government to lenders, ensuring repayment of loans in case the borrower defaults.

Spillover Costs

Indirect costs incurred by third parties who were not part of an economic transaction, often relating to negative environmental or health effects.