Business, 10.05.2021 16:30 izzyw8833

Fruitvale Company prepared the following income statement for 2018: Sales $242
Cost of goods sold 175
Gross profit 67
Operating expenses:
Salaries expense $12
Depreciation expense 14
Rent expense 5 31
Operating income 36
Loss on sale of land (4)
Net income $32

Also, the company’s December 31 balance sheet revealed the following:

2018 2017
Accounts payable $24 $15
Accounts receivable 33 14
Land 78 60
Inventory 27 20
Wages payable 7 8

The net increase (decrease) in cash from operating activities for 2018 was:

Answers: 3

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Fruitvale Company prepared the following income statement for 2018: Sales $242
Cost of good...