Question 1 Zumbrunn Company\'s income statement contained the condensed informat

Question

Question 1 Zumbrunn Company's income statement contained the condensed information below ZUMBRUNN COMPANY Income Statement For the Year Ended December 31, 2017 $971,200 Service revenue Operating expenses, excluding depreciation Depreciation expense Loss on disposal of equipment Income before income taxes Income tax expense Net income $623,300 55,200 25,100 703,600 267,600 39,800 $227,800 Zumbrunn's balance sheet contained the comparative data at December 31, shown below 2017 2016 Accounts receivable Accounts payable Income taxes payable $76,000 41,000 13,200 $59,600 27,100 6,300 Accounts payable pertain to operating expenses

Explanation / Answer

Statement of cash flow from operating activities

Cash flow from operating activities Net income 227800 Adjustment to reconcile net income to Net cash provided by operating activities Depreciation expense 55200 Loss on disposal of equipment 25100 Increase account receivable (16400) Increase account payable 13900 Increase income tax payable 6900 84700 Net cash inflow from operating activities 312500

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