Multiple Choice
Castine reports net income of $305,000 for the year ended December 31,Year 2.It also reports $93,700 depreciation expense and a $10,000 loss on the sale of equipment.Its comparative balance sheet reveals a $40,200 increase in accounts receivable,a $10,200 decrease in prepaid expenses,a $15,200 increase in accounts payable,a $12,500 decrease in wages payable,a $75,000 increase in equipment,and a $100,000 decrease in notes payable.Calculate the increase in cash for Year 2.
A) $216,400.
B) $281,400.
C) $381,400.
D) $206,400.
E) $406,400.
Correct Answer:

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Correct Answer:
Verified
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