Teal Mountain Inc's income statement contained the condensed information below. Teal Mountain Inc. Income Statement For...
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Teal Mountain Inc's income statement contained the condensed information below. Teal Mountain Inc. Income Statement For the Year Ended December 31, 2022 Service revenue $2,134,000 Operating expenses, excluding depreciation $1,350,800 Depreciation expense 121,000 Loss on disposal of plant assets 35,200 1,507,000 Income before income taxes 627,000 Income tax expense 123,200 Net income $503,800 Teal Mountain Inc's balance sheets contained the following comparative data at December 31. 2022 2021 Accounts receivable $154,000 $132,000 Accounts payable 90,200 70,400 Income taxes payable 28,600 15,400 Accounts payable pertain to operating expenses. Prepare the operating activities section of the statement of cash flows using the direct method. Teal Mountain Inc. Partial Statement of Cash Flows For the Year Ended December 31, 2022 Cash Flows from Operating Activities Cash Receipts from Customers 2134000 Less Cash Payments For Income Taxes $ (123200) Cash Pavments 503800 380600 Cash Flows from Operating Activities 2514600 %24 > Teal Mountain Inc's income statement contained the condensed information below. Teal Mountain Inc. Income Statement For the Year Ended December 31, 2022 Service revenue $2,134,000 Operating expenses, excluding depreciation $1,350,800 Depreciation expense 121,000 Loss on disposal of plant assets 35,200 1,507,000 Income before income taxes 627,000 Income tax expense 123,200 Net income $503,800 Teal Mountain Inc's balance sheets contained the following comparative data at December 31. 2022 2021 Accounts receivable $154,000 $132,000 Accounts payable 90,200 70,400 Income taxes payable 28,600 15,400 Accounts payable pertain to operating expenses. Prepare the operating activities section of the statement of cash flows using the direct method. Teal Mountain Inc. Partial Statement of Cash Flows For the Year Ended December 31, 2022 Cash Flows from Operating Activities Cash Receipts from Customers 2134000 Less Cash Payments For Income Taxes $ (123200) Cash Pavments 503800 380600 Cash Flows from Operating Activities 2514600 %24 >
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Related Book For
Accounting Principles
ISBN: 978-0470534793
10th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Posted Date:
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