Wei Company Reported the Following Items on Its Financial Statements

question 253

Multiple Choice

Wei Company reported the following items on its financial statements for the year ending December 31, 2015: The income statement for Wei will report net income for the current year in the amount of

• A) $ 45,000
• B) $ 65,000
• C) $ 85,000
• D) $ 465,000

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Definitions:

Total Assets

The sum of all assets owned by a company, including cash, inventory, property, and equipment, which are reported on the balance sheet.

Operating Cash Flows

Cash generated from the core business operations of an entity, excluding financing and investing activities.

Total Liabilities

The combined debts and obligations that a company owes to entities outside of the company.

Cash Flow From Operations

The net amount of cash generated by a company's normal business operations.