Pharoah Company's income statement for the year ended December 31, 2017, contained the following condensed information. Service
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Question:
Pharoah Company's income statement for the year ended December 31, 2017, contained the following condensed information.
Service revenue | $842,000 | |
Operating expenses(excluding depreciation | $626,000 | |
Depreciation expenses | 61,000 | |
loss on sale of equipment | 27,000 | 714,000 |
Income before income taxes | 128,000 | |
Income tax expense | 40,000 | |
Net income | $88,000 |
Particulars | 2017 | 2016 |
Accounts receivable | $37,000 | $56,000 |
Accounts payable | 39,000 | 33,000 |
Income taxes payable | 4,100 | 8,400 |
Prepare the operating activities section of the statement of cash flows using the indirect method
Related Book For
Intermediate Accounting
ISBN: 978-0470423684
13th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, And Terry D. Warfield
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