The income statement for Tremblant Limited is presented here TREMBLANT LIMITED Y

Question

The income statement for Tremblant Limited is presented here TREMBLANT LIMITED Year Ended December 31, 2015 Service revenue Operating expenses Profit from operations Interest expense Profit before income tax Income tax expense Profit $927,800 714,800 213,000 75,580 137,420 37,340 $100,080 Tremblant's statement of financial position contained these comparative data at December 31 2015 2014 Accounts receivable Prepaid expenses Accounts payable Salaries payable Unearned revenue Interest payable Income tax payable $57,840 13,340 35,910 18,370 11,220 6,690 4,950 $54,840 15,630 40,060 21,740 8,780 4,860 9,600

Explanation / Answer

Operating Activities: Cash receivevd for Service revenue 927240 Cash payments Admin expense paid 124160 Ssalaries expense paid 505570 Income tax paid (37340+9600-4950) 41990 671720 Net cashh provided from Operating Activities 255520 Note: Payment of Admin expense Admin expense 122300 Add: Prepaid expense at the end 13340 Add: Accounts payable in the beginning 40060 Less: Accounts payable at the end -35910 Less: Prepaid expense at the beginning -15630 Admin expense paid 124160 Payment of salaries Salaries expense 502200 Less: salaries payable at the end -18370 Add: Salaries payable in beginning 21740 Salaries paid 505570 Receipts from Revenue service: Service revenue 927800 Add: Accounts receivable beginning 54840 Less: Accounts recievable at the end -57840 Less: Unearned service revenue in the beg. -8780 Add: Unearned revenue receievd at the end 11220 Total collections from Sservices 927240

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