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    jresendiz's Avatar
    jresendiz Posts: 2, Reputation: 1
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    #1

    Jul 1, 2012, 03:18 PM
    net income
    During 2010, Meal, Inc. earned a net income of $400,000. The firm increased its accountant’s receivable during the year by$250,000. The book value of its asset declined by an amount equal to the year's charge, or $180,000, and the market value of its asset increased by$20,000. Based only on this information, how much cash did Mead generate during the year?
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
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    #2

    Jul 1, 2012, 03:24 PM
    Quote Originally Posted by jresendiz View Post
    During 2010, Meal, Inc. earned a net income of $400,000. The firm increased its accountant’s receivable during the year by$250,000. The book value of its asset declined by an amount equal to the year's charge, or $180,000, and the market value of its asset increased by$20,000. Based only on this information, how much cash did Mead generate during the year?
    I expect he will have to ask his accountant about his receivable. What is a charge against receivables and how does a receivable increase in market value?

    You will have to excuse me, I'm confused must be a cultural thing
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