Zumbrunn Company's income statement contained the following condensed information. ZUMBRUNN COMPANY Income Statement For the Year...
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Zumbrunn Company's income statement contained the following condensed information. ZUMBRUNN COMPANY Income Statement For the Year Ended December 31, 2020 Service revenue $970,500 Operating expenses, excluding depreciation $623,100 Depreciation expense 54,400 Loss on disposal of plant assets 24,500 702,000 Income before income taxes 268,500 Income tax expense 41,000 Net income $227,500 Zumbrunn's balance sheets contained the comparative data at December 31, shown below. 2020 2019 Accounts receivable $75,500 $59,500 Accounts payable 40,500 28,500 Income taxes payable 11,900 7,300 Accounts payable pertain to operating expenses. Prepare the operating activities section of the statement of cash flows using the direct method. (Show amounts that decrease cash flow with either a-sign e.g. -15,000 or in parenthesis e.g. (15,000).) ZUMBRUNN COMPANY Partial Statement of Cash Flows cash payments: $ Zumbrunn Company's income statement contained the following condensed information. ZUMBRUNN COMPANY Income Statement For the Year Ended December 31, 2020 Service revenue $970,500 Operating expenses, excluding depreciation $623,100 Depreciation expense 54,400 Loss on disposal of plant assets 24,500 702,000 Income before income taxes 268,500 Income tax expense 41,000 Net income $227,500 Zumbrunn's balance sheets contained the comparative data at December 31, shown below. 2020 2019 Accounts receivable $75,500 $59,500 Accounts payable 40,500 28,500 Income taxes payable 11,900 7,300 Accounts payable pertain to operating expenses. Prepare the operating activities section of the statement of cash flows using the direct method. (Show amounts that decrease cash flow with either a-sign e.g. -15,000 or in parenthesis e.g. (15,000).) ZUMBRUNN COMPANY Partial Statement of Cash Flows cash payments: $
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Related Book For
Accounting Principles
ISBN: 978-1119411482
13th edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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