Lily Company's income statement contained the following condensed Information.LILY COMPANYIncome StatementFor the Year Ended December 31, 2022Service revenueOperating expenses, excluding depreciation $624,200Depreciation expense55,500Loss on disposal of plant assetsIncome before income taxesIncome tax expenseNet income2021$75,500 $61,0002022Accounts receivableAccounts payableIncome taxes payable 12,200Lily's balance sheets contained the comparative data at December 31, shown below.41.000For Income TaxesCash Flows from Operating ActivitiesCash Receipts from Customers VLess cash payments:For Operating Expenses28,300Accounts 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 flowwith either a sign e.g.-15,000 or in parenthesis eg. (15,000))25,0006,700$969,000Net Cash Provided by Operating Activities704,700264,30039,700$224,600LILY COMPANYPartial Statement of Cash FlowsFor the Year Ended December 31, 2022611.500 i$954,500308,800

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

Company's income statement contained the following condensed information. LILY COMPANY Income Statement For the Year Ended December 31, 2022 rvice revenue perating expenses, excluding depreciation apreciation expense is on disposal of plant assets come before income taxes come tax expense let income Accounts receivable Accounts payable Income taxes payable 2022 2021 $75,500 $61,000 41,000 28,300 12,200 6,700 y's balance sheets contained the comparative data at December 31, shown below. Cash Flows from Operating Activities Cash Receipts from Customers For income Taxes Less cash payments: For Operating Expenses $624,200 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 eg (15,000)) V 55,500 25,000 V Net Cash Provided by Operating Activities V $969,000 704,700 LILY COMPANY Partial Statement of Cash Flows For the Year Ended December 31, 2022 V 264,300 $ 39,700 $224,600 611.500 954.500 308.000

Company's income statement contained the following condensed information. LILY COMPANY Income Statement For the Year Ended December 31, 2022 rvice revenue perating expenses, excluding depreciation apreciation expense is on disposal of plant assets come before income taxes come tax expense let income Accounts receivable Accounts payable Income taxes payable 2022 2021 $75,500 $61,000 41,000 28,300 12,200 6,700 y's balance sheets contained the comparative data at December 31, shown below. Cash Flows from Operating Activities Cash Receipts from Customers For income Taxes Less cash payments: For Operating Expenses $624,200 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 eg (15,000)) V 55,500 25,000 V Net Cash Provided by Operating Activities V $969,000 704,700 LILY COMPANY Partial Statement of Cash Flows For the Year Ended December 31, 2022 V 264,300 $ 39,700 $224,600 611.500 954.500 308.000

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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