During Year 1, Pang Enterprises experienced the following events. (1) Earned $4,

Question

During Year 1, Pang Enterprises experienced the following events.
   (1) Earned $4,000 of revenue on account.
   (2) Collected $3,500 cash from accounts receivable.

The remainder of the receivable was collected in Year 2. Based on this information, the amount of accounts receivable, net income, and cash flow from operating activities appearing on the Year 2 financial statements is

A

B

C

D

During Year 1, Pang Enterprises experienced the following events.
   (1) Earned $4,000 of revenue on account.
   (2) Collected $3,500 cash from accounts receivable.

The remainder of the receivable was collected in Year 2. Based on this information, the amount of accounts receivable, net income, and cash flow from operating activities appearing on the Year 2 financial statements is

A

Explanation / Answer

Accounts Receivable Net Income Cash flow from Operating Activities $500 $4,000 $500

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