Castine Reports Net Income of $305,000 for the Year Ended

question 167

Multiple Choice

Castine reports net income of $305,000 for the year ended December 31,Year 2.It also reports $93,700 depreciation expense and a $10,000 loss on the sale of equipment.Its comparative balance sheet reveals a $40,200 increase in accounts receivable,a $10,200 decrease in prepaid expenses,a $15,200 increase in accounts payable,a $12,500 decrease in wages payable,and a $100,000 decrease in notes payable.Calculate the new cash provided (used) in operating activities using the indirect method.

• A)$461,800.
• B)$371,400.
• C)$381,400.
• D)$351,000.
• E)$361,000.

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Definitions:

Traditions

The passing down of customs, beliefs, and practices from one generation to another, often shaping communal identity.

Cultural Forms

Diverse manifestations of culture, including beliefs, practices, arts, social institutions, and technologies, which express a society's values and norms.

Foreign Military Intervention

The involvement of a country's military forces in another country's affairs, which can range from advisory roles to full combat operations.

Cultural Pluralism

A concept or policy that promotes the respect, acceptance, and preservation of different cultural identities within a society, allowing for diverse traditions and customs to coexist.