Crane Company's income statement contained the following condensed information. CRANE COMPANY Income Statement For the Year Ended December 31, 2022 Service revenue Operating expenses, excluding depreciation 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 $74,000 40,000 12.000 $623,000 54,000 24,000 Crane's balance sheets contained the following comparative data at December 31. 2021 $59,000 27,000 6,000 $969,000 701,000 268,000 39,000 $229,000
Crane Company's income statement contained the following condensed information. CRANE COMPANY Income Statement For the Year Ended December 31, 2022 Service revenue Operating expenses, excluding depreciation 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 $74,000 40,000 12.000 $623,000 54,000 24,000 Crane's balance sheets contained the following comparative data at December 31. 2021 $59,000 27,000 6,000 $969,000 701,000 268,000 39,000 $229,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Crane Company's income statement contained the following condensed information.
CRANE COMPANY
Income Statement
For the Year Ended December 31, 2022
Service revenue
Operating expenses, excluding depreciation $623,000
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
$74,000 $59,000
27,000
6,000
40,000
Crane's balance sheets contained the following comparative data at December 31.
2021
12.000
54,000
24,000
$969,000
701,000
268,000
39,000
$229,000
Transcribed Image Text:Accounts payable pertain to operating expenses.
Prepare the operating activities section of the statement of cash flows using the indirect method. (Show amounts that decrease cash flow
with either a - sign e.g.-15,000 or in parenthesis eg. (15,000).)
CRANE COMPANY
Partial Statement of Cash Flows
Adjustments to reconcile net income to
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