Net income for the year | 90000 | ||||
Adjustment required | |||||
Depreciation expenses | 60000 | ||||
Loss on sale of equipment | 26000 | ||||
Decrease in Accounts recevable | 17000 | ||||
Increase in Accounts payable | 10000 | ||||
Decrease n Income tax payable | -4500 | ||||
108500 | |||||
Net cashflows from Operating activities | 198500 | ||||
Need help ASAP Exercise 23-6 Krauss Company's income statement for the year ended December 31, 2017,...
Can someone help the last post was wrong Exercise 23-6 Krauss Company's income statement for the year ended December 31, 2017, contained the following condensed information. Service revenue $840,000 Operating expenses (exduding depreciation) $624,000 60,000 Depreciation expense Loss on sale of equipment Income before income taxes Income tax expense Net income 26,000 710,000 130,000 40,000 $90,000 Krauss's balance sheet contained the following comparative data at December 31. 2017 2016 Accounts receivable Accounts payable Income taxes payable 37,000 41,000 4,000 $54,000...
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...
Vaughn Company's income statement for the year ended December 31, 2017, contained the following condensed information Service revenue $847,000 Operating expenses (excluding depreciation) $629,000 Depreciation expense 60,000 Loss on sale of equipment 26,000 715,000 Income before income taxes 132,000 Income tax expense 41,000 $91,000 Net income Vaughn's balance sheet contained the following comparative data at December 31 2017 2016 Accounts receivable $35,000 $53,000 Accounts payable 42,000 30,000 Income taxes payable 4,100 8,800 (Accounts payable pertains to operating expenses.) Prepare the...
CALCULATOR FULLS Exercise 23-05 Skysong Company's income statement for the year ended December 31, 2020, contained the following condensed information $837,000 Service revenue Operating expenses (excluding depreciation) Depreciation expense Loss on sale of equipment Income before income taxes Income tax expense Net income $621,000 60,000 25,000 706,000 131,000 40,000 $91,000 Skysong's balance sheet contained the following comparative data at December 31. Accounts receivable Accounts payable Income taxes payable 2020 $36,000 42.000 4.000 2019 $55,000 31,000 8.200 (Accounts payable pertains to...
Question 7 Flint Company's income statement for the year ended December 31, 2017, contained the following condensed information. Service revenue Operating expenses (excluding depreciation) $630,000 Depreciation expense Loss on sale of equipment Income before income taxes Income tax expense Net income $846,000 61,000 27,000 718,000 128,000 40,000 $88,000 Flint's balance sheet contained the following comparative data at December 31. 2017 2016 Accounts receivable Accounts payable Income taxes payable 35,000 42,000 3,900 $57,000 30,000 8,700 Accounts payable pertains to operating expenses.)...
Wildhorse Company’s income statement for the year ended December 31, 2017, contained the following condensed information. Service revenue $836,000 Operating expenses (excluding depreciation) $626,000 Depreciation expense 60,000 Loss on sale of equipment 26,000 712,000 Income before income taxes 124,000 Income tax expense 40,000 Net income $84,000 Wildhorse’s balance sheet contained the following comparative data at December 31. 2017 2016 Accounts receivable $38,000 $53,000 Accounts payable 41,000 30,000 Income taxes payable 4,100 8,400 (Accounts payable pertains to operating expenses.) Prepare the...
Cullumber Company's income statement for the year ended December 31, 2020, contained the following condensed information. $848,000 Service revenue $628,000 Operating expenses (excluding depreciation) Depreciation expense 61,000 Loss on sale of equipment 715,000 26,000 Income before income taxes 133,000 Income tax expense 40,000 Net income $93,000 Cullumber's balance sheet contained the following comparative data at December 31. 2020 2019 Accounts receivable $37,000 $52000 Accounts payable 39,000 32,000 Income taxes payable 4,000 8,400 (Accounts payable pertains to operating expenses Prepare the...
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...
Sunland Corporation had the following activities in 2017. Concord Company’s income statement for the year ended December 31, 2017, contained the following condensed information. Service revenue $843,000 Operating expenses (excluding depreciation) $622,000 Depreciation expense 60,000 Loss on sale of equipment 26,000 708,000 Income before income taxes 135,000 Income tax expense 40,000 Net income $95,000 Concord’s balance sheet contained the following comparative data at December 31. 2017 2016 Accounts receivable $36,000 $55,000 Accounts payable 43,000 33,000 Income taxes payable 4,200 8,200...
Question 1 The income statement for the year ended December 31, 2017, for Metlock Manufacturing Company contains the following condensed information. METLOCK CO. INCOME STATEMENT Revenues $ 6,565,000 Operating expenses (excluding depreciation) $4,902,000 Depreciation expense 852,000 5,754,000 Income before income tax 811,000 Income tax expense 364,950 Net income $ 446,050 Included in operating expenses is a $13,000 loss resulting from the sale of machinery for $252,000 cash. The company purchased machinery at a cost of $722,000. Metlock reports the following...