Homework Answers
Correct Answer:
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KINGBIRD COMPANY |
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Cash Flow Statement (Partial) |
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For the year ended December 31 2022 |
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Cash Flow from Operating Activities: |
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Net Income |
$ 4,80,900.00 |
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Add: Adjustments |
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Loss on disposal on plant assets |
$ 33,600.00 |
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Depreciation expense |
$ 1,15,500.00 |
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Increase in Accounts receivables |
$ (21,000.00) |
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Increase in Accounts payable |
$ 18,900.00 |
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increase in income tax payable |
$ 12,600.00 |
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$ 1,59,600.00 |
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A. Cash Flow from Operating Activities |
$ 6,40,500.00 |
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End of answer.
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information below.
ZUMBRUNN COMPANY
Income Statement
For the Year Ended December 31, 2017
Service revenue
$970,700
Operating expenses, excluding depreciation
$624,000
Depreciation expense
56,000
Loss on disposal of equipment
25,800
705,800
Income before income taxes
264,900
Income tax expense
39,000
Net income
$225,900
Zumbrunn’s balance sheet contained the comparative data at December
31, shown below.
2017
2016
Accounts receivable
$74,300
$59,700
Accounts payable
40,100
27,900
Income taxes payable
12,300
6,500
Accounts payable pertain...
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Question 3 View Policies Current Attempt in Progress The following information is available for Shamrock, Inc....
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Zumbrunn Company’s income statement contained the condensed
information below.
ZUMBRUNN COMPANY
Income Statement
For the Year Ended December 31, 2017
Service revenue
$970,700
Operating expenses, excluding depreciation
$624,000
Depreciation expense
56,000
Loss on disposal of equipment
25,800
705,800
Income before income taxes
264,900
Income tax expense
39,000
Net income
$225,900
Zumbrunn’s balance sheet contained the comparative data at December
31, shown below.
2017
2016
Accounts receivable
$74,300
$59,700
Accounts payable
40,100
27,900
Income taxes payable
12,300
6,500
Accounts payable pertain...
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Question 3 View Policies Current Attempt in Progress The following information is available for Kingbird, Inc. for the year ended December 31, 2022. Beginning cash balance Accounts payable increase Depreciation expense Accounts receivable decrease Inventory decrease Net income Cash received for sale of land at book value Cash dividends paid Income taxes payable decrease Cash used to purchase land Cash used to redeem bonds Cash received from issuing stock $ 30,000 7,125 51,250 6,000 3,875 71.500 130.000 47,500 4,875 101,250...
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Waterway Company's income statement for the year ended December 31, 2017, contained the following condensed information. Service revenue $839,000 $624,000 Operating expenses (excluding depreciation) Depreciation expense 60,000 Loss on sale of equipment 26,000 710,000 Income before income taxes 129,000 Income tax expense 39,000 $90,000 Net income Waterway's balance sheet contained the following comparative data at December 31 2017 2016 $39,000 $53,000 Accounts receivable Accounts payable 40,000 32,000 Income taxes payable 4,200 8,300 (Accounts payable pertains to operating expenses.) Prepare the...
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