The income statement of Runge Inc. for the year ended December 31, 2010, reported the following condensed
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Revenue from fees .................................................................. $600,000
Operating expenses .................................................................. 360,000
Income from operations ........................................................... 240,000
Income tax expense ................................................................. 60,000
Net income .............................................................................. $180,000
Runge's balance sheet contained the following comparative data at December 31:
Runge has no depreciable assets. Accounts payable pertains to operating expenses.
Instructions
Prepare the operating activities section of the statement of cash flows using the direct method.
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
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Related Book For
Intermediate Accounting
ISBN: 978-0470161012
9th Canadian Edition, Volume 2
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield.
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