1 answer

Question 2 You are provided the following information about Lebron Sneakers Ltd. (Lebron) for fiscal 2017:...

Question:

Question 2 You are provided the following information about Lebron Sneakers Ltd. (Lebron) for fiscal 2017: Net income Account

Question 2 You are provided the following information about Lebron Sneakers Ltd. (Lebron) for fiscal 2017: Net income Accounts receivable on July 1, 2016 Accounts receivable on June 30, 2017 Inventory on July 1, 2016 Inventory on June 30, 2017 Accounts payable on July 1, 2016 Accounts payable on June 30, 2017 Unearned revenue on July 1, 2016 Unearned revenue on June 30, 2017 Depreciation expense for 2017 $ 877,500 292,500 375,000 1,162,500 1,432,500 675,000 735,000 1,500,000 375,000 300,000 Required: Calculate cash from operations for Lebron for fiscal 2017. Provide a brief explanation for the difference between net income and cash from operations.

Answers

Solution:

F 76 77 $877,500 78 79 Cash flow from operating activities: Net Income Adjustments to reconcile net income to cash flow from

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