The following comparative information is available for Prasad Company for 2012.
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| Sales revenue | $86,000 | $86,000 |
| Cost of goods sold | 38,000 | 29,000 |
| Operating expenses | ||
| (including depreciation) | 27,000 | 27,000 |
| Depreciation | 10,000 | 10,000 |
| Cash paid for inventory purchases | 32,000 | 32,000 |
Instructions
(a) Determine net income under each approach. Assume a 30% tax rate.
(b) Determine net cash provided by operating activities under each approach. Assume that all sales were on a cash basis and that income taxes and operating expenses, other than depreciation, were on a cash basis.
(c) Calculate the quality of earnings ratio under each approach and explain your findings.
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