Net Income Was $51,000 for the Year

question 139

True/False

Net income was $51,000 for the year. The accumulated depreciation balance increased by $14,000 over the year. There were no sales of fixed assets or changes in noncash current assets or liabilities. Under the indirect method, the cash flow from operations is $37,000.

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Definitions:

Still's Disease

A rare inflammatory arthritis characterized by high fevers, rash, and joint pain, affecting both children (as systemic onset juvenile idiopathic arthritis) and adults.

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Erik Erikson

A developmental psychologist known for his theory on the psychosocial development of humans, which highlights the impact of social experiences across the lifespan.

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