Fox, Inc. reported net income of $300,000 for the current. Changes occurred in several balance sheet
accounts as follows:
Equipment $25,000 increase
Accumulated depreciation 30,000 increase
Note payable 30,000 increase
Additional current year information:
• During the year, Fox received $10,000 for the sale of equipment costing $25,000, with accumulated depreciation of $11,000.
• In December, Fox purchased equipment costing $50,000 with $20,000 cash and a 12% note payable of $30,000.
In Fox's statement of cash flows for the year, net cash provided by operating activities should be:
Group of answer choices
Get Answers For Free
Most questions answered within 1 hours.