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Distinction between operating and nonoperating income

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Reference no: EM131756106

Question: 1. The distinction between operating and nonoperating income relates to:

a. Primary activities of the reporting entity.

b. Consistency of income stream.

c. Continuity of income.

d. Reliability of measurements.

2. McGraft Co. reported net income of $135.000 (accrual basis) for the year ended December 31, 2016. January 1, 2016 balances in accounts receivable were $29,000 and in accounts payable were $26.000 year-end balances in accounts receivable were $30,000 and in accounts payable were $24.000. Assuming that all relevant information has been presented. McGraft's cash flows from operating activities would be:

a. $138.000.

b. $132.000.

c. $134,000.

d. $136.000.

Reference no: EM131756106

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