A Corporation Started Operations on January 1; the Reporting Period

question 63

Essay

A corporation started operations on January 1; the reporting period ends December 31. At the end of the year, the company's records reflected the following amounts after all adjusting entries: Sales revenue, $700,000; Cost of goods sold, $400,000; Expenses (total), $200,000; Accrued wages payable, $5,000; Accounts payable, $10,000 and Accounts receivable, $25,000.
(a) Net income, accrual basis, was $____________________.
(b) Net cash inflow from operating activities was $____________.

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Definitions:

Shaken-Baby Syndrome

A serious brain injury resulting from forcefully shaking an infant or toddler, which can lead to permanent brain damage or death.

Sudden Infant Death Syndrome

A sudden, unexplained death of an apparently healthy infant under one year old, often occurring during sleep, commonly referred to as crib death.

Acetaminophen Poisoning

A potentially dangerous condition resulting from excessive ingestion of acetaminophen, leading to liver damage or failure.

N-Acetylcysteine

A medication and dietary supplement used as an antioxidant to reduce mucus production and treat acetaminophen (paracetamol) overdose.