Assume the same facts as CP12-4, except for additional data item (a) and the income statement. Instead
Question:
Income Statement for 2013
Lessons Revenue ...................................................... $75,000
Wages Expense ......................................................... 68,000
Depreciation Expense ................................................... 1,000
Loss on Disposal of Equipment .......................................... 500
Income Tax Expense ..................................................... 1,000
Net Income ............................................................. $ 4,500
Required:
1. Prepare the statement of cash flows for the year ended December 31, 2013, using the indirect method.
2. Use the statement of cash flows to evaluate the company's cash flows.
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Related Book For
Fundamentals of Financial Accounting
ISBN: 978-0078025372
4th edition
Authors: Fred Phillips, Robert Libby, Patricia Libby
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