Depreciation and Cash Flow O'hare Company's only asset as of January 1, 2017, was a limousine. During 2017, only the following three transactions occurred: Services of $109,700 were provided on account. All accounts receivable were collected. Depreciation on the limousine was $17,000. Required: 1. Develop an income statement for O'hare for 2017. O'hare Company Income Statement For The Year Ended December 31, 2017 Service revenue $fill in the blank Depreciation expense fill in the blank Net income $fill in the blank 2. Determine the amount of the net cash inflow for O'hare for 2017. $fill in the blank 4. If O'hare developed a cash flow statement for 2017 using the indirect method, what amount would appear in the category titled Cash Flow from Operating Activities? $fill in the blank
Depreciation and Cash Flow O'hare Company's only asset as of January 1, 2017, was a limousine. During 2017, only the following three transactions occurred: Services of $109,700 were provided on account. All accounts receivable were collected. Depreciation on the limousine was $17,000. Required: 1. Develop an income statement for O'hare for 2017. O'hare Company Income Statement For The Year Ended December 31, 2017 Service revenue $fill in the blank Depreciation expense fill in the blank Net income $fill in the blank 2. Determine the amount of the net cash inflow for O'hare for 2017. $fill in the blank 4. If O'hare developed a cash flow statement for 2017 using the indirect method, what amount would appear in the category titled Cash Flow from Operating Activities? $fill in the blank
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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O'hare Company's only asset as of January 1, 2017, was a limousine. During 2017, only the following three transactions occurred:
Services of $109,700 were provided on account.All
Depreciation on the limousine was $17,000.
Required:
1. Develop an income statement for O'hare for 2017.
| O'hare Company | |
| Income Statement | |
| For The Year Ended December 31, 2017 | |
| Service revenue | $fill in the blank |
| Depreciation expense | fill in the blank |
| Net income | $fill in the blank |
2. Determine the amount of the net
$fill in the blank
4. If O'hare developed a cash flow statement for 2017 using the indirect method, what amount would appear in the category titled Cash Flow from Operating Activities?
$fill in the blank
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