URCES Problem 12-5A n below. Novak Corp Income Statement For the Year Ended Dece

Question

URCES Problem 12-5A n below. Novak Corp Income Statement For the Year Ended December 31, 2017 ce revenue $1,231,900 Operating expenses, excluding depreciation Depreciation expense Loss on disposal of plant assets Income before income taxes Income tax expense Net income $779,780 69,850 20,320 869,950 361,950 71,120 $290,830 Novak Corp.'s balance sheet contained the comparative data at December 31. 2017 2016 Accounts receivable Accounts payable Income taxes payable $88,900 52,070 16,510 $76,200 40,640 8,890 Accounts payable pertain to operating expenses.

Explanation / Answer

Particulars Amount Income before taxes               361,950 Adjustments to reconcile net income: Add: Loss on disposal of plant assets                  20,320 Add: Depreciation                  69,850 (Increase)/Decrease in receivables                  12,700 Increase/(Decrease) in payables                  11,430 Less: Taxes paid               (63,500) Net cash from/(used in) operating activities               412,750

Related Questions

Navigate

• Browse (All)
• Browse U
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.