Saturday, June 17, 2006

Accounting question regarding how to determine net income.? -

The 2009 statement of cash flows of the Micah Compay shows net cash provided by operating activities in the amount of $1,000,000. During the year, Micah sold a building at a net gain of $40,000. Inventory increased by $10,000. Deferred income taxes decreased by $1,000. The company paid dividends of $30,00. What is Micah s net income for 2009?

net assets increased by $10,000

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