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What is amount of cash used by operating activities for year

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Reference no: EM132775156

Problem 1: Torturer Company reported net income of P340,000 for the year ended December 31, 2014. Included in net income was a gain on early extinguishment of debt of P600,000 related to bonds payable with a carrying amount of P12,000,000. Each of the following accounts increased during 2014: trade notes receivable P450,000, deferred tax liability P100,000, treasury shares, P900,000. What is the amount of cash used by operating activities for the year ended December 31, 2014?

A. 710,000

B. 610,000

C. 110,000

D. 10,000

Reference no: EM132775156

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