Joe Jackson opened Jackson’s Repairs on March 1 of the current year. During March, the following transactions occurred and were recorded in the company’s books: Jackson invested $25,000 cash in the business in exchange for common stock. Jackson contributed $100,000 of equipment to the business. The company paid $2,000 cash to rent office space for the month of March. The company received $16,000 cash for repair services provided during March. The company paid $6,200 for salaries for the month of March. The company provided $3,000 of services to customers on account. The company paid cash of $500 for utilities for the month of March. The company received $3,100 cash in advance from a customer for repair services to be provided in April. The company paid Jackson $5,000 cash as a dividend. Based on this information, net income for March would be:

A company had net cash flows from operations of $120,000, cash flows from financing of $330,000, total cash flows of $500,000, and average total assets of $2,500,000. The cash flow on total assets ratio equals:

Refer to the following selected financial information from Barstool Company. Compute the company’s days’ sales uncollected for Year 2. (Use 365 days a year.)    Year 2   Year 1   Accounts receivable, net 86,500   82,750   Net sales 723,000   693,000  

In preparing a company’s statement of cash flows for the most recent year using the indirect method, the following information is available:     Net income for the year was $ 52,000 Accounts payable decreased by   18,000 Accounts receivable increased by   25,000 Inventories increased by   5,000 Depreciation expense was   30,000 Net cash provided by operating activities was:

Business activities that generate or use cash are classified as operating, investing, or financing activities on the statement of cash flows.

In preparing a company’s statement of cash flows for the most recent year using the indirect method, the following information is available:           Net income for the year was $ 52,000   Accounts payable decreased by   18,000   Accounts receivable increased by   25,000   Inventories increased by   5,000   Cash dividends paid were   14,000   Depreciation expense was   20,000   Net cash provided by operating activities was:

Refer to the following selected financial information from Barstool Company. Compute the company’s days’ sales uncollected for Year 2. (Use 365 days a year.)    Year 2   Year 1   Accounts receivable, net 86,500   82,750   Net sales 723,000   693,000  

A balance sheet covers activities over a period of time such as a month or year.

An account is a record of increases and decreases in a specific asset, liability, equity, revenue, or expense item.

When preparing the operating activities section of the statement of cash flows using the indirect method, non-operating gains are added to net income.