Windsor, Inc.âs income statement contained the condensed information below. Windsor, Inc. Income Statement For the Year Ended December 31, 2017 Service revenue $2,783,900 Operating expenses, excluding depreciation $1,762,180 Depreciation expense 157,850 Loss on disposal of plant assets 45,920 1,965,950 Income before income taxes 817,950 Income tax expense 160,720 Net income $657,230 Windsor, Inc.âs balance sheet contained the comparative data at December 31. 2017 2016 Accounts receivable $200,900 $172,200 Accounts payable 117,670 91,840 Income taxes payable 37,310 20,090 Accounts payable pertain to operating expenses. Prepare the operating activities section of the statement of cash flows using the indirect method.
Windsor, Inc.âs income statement contained the condensed information below. Windsor, Inc. Income Statement For the Year Ended December 31, 2017 Service revenue $2,783,900 Operating expenses, excluding depreciation $1,762,180 Depreciation expense 157,850 Loss on disposal of plant assets 45,920 1,965,950 Income before income taxes 817,950 Income tax expense 160,720 Net income $657,230 Windsor, Inc.âs balance sheet contained the comparative data at December 31. 2017 2016 Accounts receivable $200,900 $172,200 Accounts payable 117,670 91,840 Income taxes payable 37,310 20,090 Accounts payable pertain to operating expenses. Prepare the operating activities section of the statement of cash flows using the indirect method.
Related questions
Bonita Companyâs income statement for the year ended December 31, 2017, contained the following condensed information.
| Service revenue | $841,000 | |||
| Operating expenses (excluding depreciation) | $624,000 | |||
| Depreciation expense | 59,000 | |||
| Loss on sale of equipment | 25,000 | 708,000 | ||
| Income before income taxes | 133,000 | |||
| Income tax expense | 40,000 | |||
| Net income | $93,000 |
Bonitaâs balance sheet contained the following comparative data at December 31.
| 2017 | 2016 | |||
| Accounts receivable | $35,000 | $53,000 | ||
| Accounts payable | 41,000 | 31,000 | ||
| Income taxes payable | 3,800 | 8,000 |
(Accounts payable pertains to operating expenses.)
Prepare the operating activities section of the statement of cash flows using the indirect method.
Zumbrunn Company's income statement contained the condensed information below.
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Zumbrunn's balance sheet contained the comparative data at December 31, shown below.
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*Accounts payable pertain to operating expenses.
Instructions:
1. Prepare the operating activities section of the statement of cash flows using the indirect method.
*Cash from operations $318,000
Flounder Companyâs income statement for the year ended December31, 2017, contained the following condensed information.
| Service revenue | $839,000 | |||
| Operating expenses (excluding depreciation) | $630,000 | |||
| Depreciation expense | 59,000 | |||
| Loss on sale of equipment | 26,000 | 715,000 | ||
| Income before income taxes | 124,000 | |||
| Income tax expense | 40,000 | |||
| Net income | $84,000 |
Flounderâs balance sheet contained the following comparative dataat December 31.
2017 | 2016 | |||
| Accounts receivable | $38,000 | $56,000 | ||
| Accounts payable | 42,000 | 31,000 | ||
| Income taxes payable | 4,100 | 8,000 |
(Accounts payable pertains to operating expenses.)
Prepare the operating activities section of the statement of cashflows using the direct method.
FLOUNDER COMPANY |
