Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Oct-2001 - Nov-2016

Category > Management Posted 06 Apr 2018 My Price 4.00

Penno Corporation

Computing and Comparing Income and Cash Flow Measures (LO1)

Penno Corporation recorded service revenues of $200,000 in 2013, of which $170,000 were on credit  and $30,000 were for cash. Moreover, of the $170,000 credit sales for 2013, Penno collected $20,000 cash on those receivables before year-end 2013. The company also paid $25,000 cash for 2013 wages. Its employees also earned another $15,000 in wages for 2013, which were not yet paid at year-end 2013.  

(a) Compute the company’s net income for 2013.

(b) How much net cash inflow or outflow did the company generate in 2013? Explain why Penno’s net income and net cash flow differ.

Answers

Maurice Tutor
(5)
Status NEW Posted 06 Apr 2018 03:04 PM My Price 4.00

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