True/False
Expenses reported on the income statement for 20A (the first year of operations),totaled $60,000,which included depreciation expense of $8,000,and wages payable increased to $3,000 by the end of 20A.Therefore,the 20A cash outflow for expenses was $71,000.
Calculation: $60,000-8,000-3,000 = $49,000
Correct Answer:
Verified
Correct Answer:
Verified
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