Hoffman Company's Net Income for the Current Year Was $480,000

question 4

Multiple Choice

Hoffman Company's net income for the current year was $480,000.Depreciation was $62,000.Accounts receivable and inventories decreased by $20,000 and $32,000, respectively.Prepaid expenses and salaries payable increased, respectively, by $2,000 and $16,000.Equipment was sold at a gain of $8,000.How much cash was provided by operating activities?

• A)$536,000.
• B)$600,000.
• C)$576,000.
• D)$476,000.

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Definitions:

Neurons

Specialized cells within the nervous system that transmit information to other nerve cells, muscle, or gland cells.

Neurotransmitters

Chemical messengers that transmit signals across a chemical synapse, from one neuron to another target neuron, muscle cell, or gland cell.

Myelin Sheaths

Fatty coverings on the axons of some neurons that help speed neural impulses.

Degeneration

The process by which tissue deteriorates over time, losing structure and function, often associated with diseases and aging.