>> Cash received from customers = Opening Accounts Receivable + Service Revenue - Closing Accounts Receivable
>> Cash received from customers = $ 53,000 + $ 839,000 - $ 39,000
>> Cash received from customers = $ 853,000.
>> Cash paid to suppliers = Opening Payable + Operating expense - Closing Payable
>> Cash paid to suppliers = $ 32,000 + $ 624,000 - $ 40,000
>> Cash paid to suppliers = $ 616,000.
>> Cash paid to Income tax = Opening Income tax Payable + Income tax expenses - Closing Income tax Payable
>> Cash paid to Income tax = $ 8,300 + $ 39,000 - $ 4,200
>> Cash paid to Income tax = $ 43,100.
Particulars | Amount | Amount |
Cash flows from operating activity | ||
Cash received from customers | $ 853,000 | |
Cash paid to suppliers | $ 616,000 | |
Cash paid to Income tax | $ 43,100 | |
$ (659,100 ) | ||
Net Cash flow from Operating Activity | $ 193,900 |
Waterway Company's income statement for the year ended December 31, 2017, contained the following condensed information...
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...
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...
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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 31,000 8,500 Accounts payable pertains...
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...
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...
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...
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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...
Shamrock, Inc.'s income statement contained the condensed information below. Shamrock, Inc. Income Statement For the Year Ended December 31, 2017 $1,775,100 Service revenue Operating expenses, excluding depreciation Depreciation expense Loss on disposal of plant assets Income before income taxes Income tax expense Net income $1,123,620 100,650 29,280 1,253,550 521,550 102,480 $419,070 Shamrock, Inc.'s balance sheet contained the comparative data at December 31. 2017 2016 Accounts receivable Accounts payable Income taxes payable $128,100 75,030 23,790 $109,800 58,560 12,810 Accounts payable pertain...
Whispering Winds Corp.'s income statement contained the condensed information below. Whispering Winds Corp. Income Statement For the Year Ended December 31, 2017 Service revenue $2,104,900 Operating expenses, excluding depreciation $1,332,380 Depreciation expense 119,350 Loss on disposal of plant assets 34,720 1,486,450 Income before income taxes 618,450 Income tax expense 121,520 Net income $496,930 Whispering Winds Corp.'s balance sheet contained the comparative data at December 31. Accounts receivable Accounts payable Income taxes payable 2017 2016 $151,900 $130,200 88,970 69,440 28,210 15,190...