Please provide answer in text (Without image) **Bonita Company's Financial Overview**The financial data presented reflects the income statement and balance sheet figures for Bonita Company for the year ended December 31, 2022.**Income Statement** For the Year Ended December 31, 2022- **Service Revenue**: $969,800- **Operating Expenses, Excluding Depreciation**: $623,700- **Depreciation Expense**: $54,500- **Loss on Disposal of Plant Assets**: $26,000 **Total Expenses**: $704,200- **Income Before Income Taxes**: $265,600- **Income Tax Expense**: $40,900- **Net Income**: $224,700**Comparative Balance Sheet Data at December 31**| | 2022 | 2021 ||----------------|-----------|---------|| Accounts Receivable | $75,800 | $59,100 || Accounts Payable | $40,600 | $27,700 || Income Taxes Payable | $13,400 | $6,100 |**Notes:**- Accounts payable relate to operating expenses.- The task is to prepare the operating activities section of the statement of cash flows using the direct method. Amounts that decrease cash flow should be indicated with either a negative sign (e.g., -15,000) or in parentheses (e.g., (15,000)).

Cash flow statement :— It is one of the financial statements that shows change in cash and cash…

Bonita Company's income statement contained the following condensed information. BONITA COMPANY Income Statement For the Year Ended December 31, 2022 Service revenue Operating expenses, excluding depreciation $623,700 Depreciation expense Loss on disposal of plant assets Income before income taxes Income tax expense Net income Accounts receivable Accounts payable Income taxes payable 2022 2021 54,500 $75,800 $59,100 40,600 27,700 13,400 6,100 26,000 Bonita's balance sheets contained the comparative data at December 31, shown below. $969,800 704.200 265,600 40,900 $224,700 Accounts payable pertain to operating expenses. Prepare the operating activities section of the statement of cash flows using the direct method. (Show amounts that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis e.g. (15,000).)

Bonita Company's income statement contained the following condensed information. BONITA COMPANY Income Statement For the Year Ended December 31, 2022 Service revenue Operating expenses, excluding depreciation $623,700 Depreciation expense Loss on disposal of plant assets Income before income taxes Income tax expense Net income Accounts receivable Accounts payable Income taxes payable 2022 2021 54,500 $75,800 $59,100 40,600 27,700 13,400 6,100 26,000 Bonita's balance sheets contained the comparative data at December 31, shown below. $969,800 704.200 265,600 40,900 $224,700 Accounts payable pertain to operating expenses. Prepare the operating activities section of the statement of cash flows using the direct method. (Show amounts that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis e.g. (15,000).)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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