Useful Organizing Began Operations on January 1,20X3,when the Owners Invested

question 75

Multiple Choice

Useful Organizing began operations on January 1,20X3,when the owners invested $80,000 cash in the company.Also on January 1,the company paid for a $30,000 machine.The machine has a useful life of 4 years and a $2,000 residual value.During its first year of operations,the company had sales of $96,000 and operating expenses except depreciation of $67,000.All sales were cash sales and all non-depreciation operating expenses were paid in cash.Useful Organizing has a 30% tax rate and pays all taxes on December 31.What is the net cash provided by operating activities before taxes for 20X3,if Useful Organizing uses straight-line depreciation?

• A)$(74,000)
• B)$(67,000)
• C)$ 22,000
• D)$ 25,000
• E)$ 29,000

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