Norman Companys income statement for the year ended December 31, 2015, contained the following condensed information. Normans
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Norman Company’s income statement for the year ended December 31, 2015, contained the following condensed information.
Norman’s statement of financial position contained the following comparative data at December 31.
(Accounts payable pertains to operating expenses.)
Instructions Prepare the operating activities section of the statement of cash flows using the direct method.
Transcribed Image Text:
Service revenue 840,000 Operating expenses (excluding depreciation) 624,000 Depreciation expense 60,000 Loss on sale of equipment 26,000 710,000 Income before income taxes 130,000 Income tax expense 40,000 Net income 90,000
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Related Book For
Intermediate Accounting IFRS Edition
ISBN: 9781118443965
2nd Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
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