SACE MY INSTRUCTOR in SIGNMENT RI SOURCES Zumbrunn hapter 17 Homework nnt compan

Question

SACE MY INSTRUCTOR in SIGNMENT RI SOURCES Zumbrunn hapter 17 Homework nnt company's income statement contained the condensed information below ZUMBRUNN COMPANY Income Statement For the Year Ended December 31, 2017 Exercise 17:3 Service revenue Operating expenses, excluding depreciation Depreciation expense Loss on disposal of equipment Income before income taxes Incorne tax expense Net income $969,600 $623,100 54,300 eview Score 25,800 703,200 266,400 40,400 $226,000 vicw Results by Study jective Zumbrunn's balance sheet contained the comparative data at December 31, shown below. 2017 2016 Accounts receivable Accounts payeble Income taxes payable $75,200 40,600 12.300 $60,000 27,900 7:300 Accounts payable pertain to operating expenses. Prepare the operating activities section of the statement of cash flows using the indirect methol Show amounts b e.o. -15,000 or in parenthesis e.g. (15,000).

Explanation / Answer

Cash Flow from Operating activities:

Net Income          2,26,000 Income Tax Expense             40,400 Income before income taxes          2,66,400 Adjustments to reconcile net earnings to cash flows from operating activities: Depreciation Expense             54,300 Loss on Disposal of Equipment             25,800 Income Tax Paid           (35,400) Changes in working capital: Increase in accounts receivable           (15,200) Increase in accounts payable             12,700 Net Cash Flow from Operating Activities          3,08,600

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