The income statement for Kosinski Company contains the following condensed information. Instructions Prepare the statement of cash
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The income statement for Kosinski Company contains the following condensed information.
Instructions Prepare the statement of cash flows using the direct method.
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Kosinski Company Income Statement For the Year Ended December 31, 2014 Sales revenue Operating expenses, excluding depreciation $4,920,000 Depreciation expense 880,000 Income before income taxes Income tax expense Net income Included in operating expenses is a $24,000 loss resulting from the sale of machinery for $270,000 cash. Machinery was purchased at a cost of $750,000. The following balances are reported on Kosinski's comparative balance sheet at December 31. Kosinski Company Comparative Balance Sheets (partial) Cash Accounts receivable Inventory Accounts payable 2014 $672,000 775,000 834,000 521,000 $6,583,000 5,800,000 783,000 353,000 $ 430,000 2013 $130,000 610,000 867,000 501,000 Income tax expense of $353,000 represents the amount paid in 2014. Dividends declared and paid in 2014 totaled $200,000.
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Related Book For
Financial And Managerial Accounting
ISBN: 9781118004234
1st Edition
Authors: Donald E. Kieso, Paul D. Kimmel, Jerry J. Weygandt
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