At the End of the First Year of Operations, the Balance

question 193

Multiple Choice

At the end of the first year of operations, the balance sheet of Huntington Beach Co.Industries had the following balances: Accounts Receivable, $5,000; Accounts Payable, $6,000; Inventory, $3,000; and Unexpired Insurance, $2,000.The corporation reported net income of $79,000 for the year, including depreciation expense of $5,000, and uses the indirect method of computing net cash flow from operating activities.Based on this information, net cash flow from operating activities is:

• A) $82,000
• B) $78,000
• C) $80,000
• D) $77,000

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Definitions:

Rights Revolution

A period of significant social, political, and legal changes that expanded civil, political, and human rights within a society.

Residential Schools

Education institutions established primarily for the assimilation of indigenous children into the dominant culture, often resulting in significant cultural and family disruption.

First Nations

Indigenous peoples in Canada, recognized as the original inhabitants.

Individual Human Beings

Each single member of the Homo sapiens species, emphasizing the uniqueness and personal identity of every person.