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Income Statement Sales Interest revenue Cost of goods sold General expenses Depreciation expense Salaries expense Interest expense Income tax expense Loss on sale of equipment Net income addition, Podracer provides the following balance sheet information Accounts Receivable Interest Receivable Inventory Prepaid General Expenses Account Payable Accrued General Expenses $250,400 2,100 74,300 17,600 39,500 Dec 31, 2017 19,500 $1,530,600 17,250 (895,400) (255,400) (23,500) (114,300) (12,500) (85,500) (9,500) $ 151,750 Dec. 31, 2016 $225,400 2,250 59,550 14,000 46,300 21,750

Income Statement Sales Interest revenue Cost of goods sold General expenses Depreciation expense Salaries expense Interest expense Income tax expense Loss on sale of equipment Net income addition, Podracer provides the following balance sheet information Accounts Receivable Interest Receivable Inventory Prepaid General Expenses Account Payable Accrued General Expenses $250,400 2,100 74,300 17,600 39,500 Dec 31, 2017 19,500 $1,530,600 17,250 (895,400) (255,400) (23,500) (114,300) (12,500) (85,500) (9,500) $ 151,750 Dec. 31, 2016 $225,400 2,250 59,550 14,000 46,300 21,750

FINANCIAL ACCOUNTING
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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Podracer Productions provides the following income statement for the year ended December 31, 2017. Income Statement Sales Interest revenue Cost of goods sold General expenses Depreciation expense Salaries expense Interest expense Income tax expense Loss on sale of equipment Net income In addition, Podracer provides the following balance sheet information Accounts Receivable Interest Receivable Inventory Prepaid General Expenses Account Payable Accrued General Expenses Interest Payable Income Tax Payable Salaries Payable $250,400 2,100 74,300 17,600 39,500 19,500 900 11,500 Dec 31, 2017 9,850 $1,530,600 17,250 (895,400) (255,400) (23,500) (114,300) (12,500) (85,500) (9,500) $ 151,750 $225,400 2,250 59,550 Dec. 31, 2016 14,000 46,300 21,750 1,100 9,750 5,400 Prepare the operating Activities section of the statement of cash flows using the direct method
Transcribed Image Text:Podracer Productions provides the following income statement for the year ended December 31, 2017. Income Statement Sales Interest revenue Cost of goods sold General expenses Depreciation expense Salaries expense Interest expense Income tax expense Loss on sale of equipment Net income In addition, Podracer provides the following balance sheet information Accounts Receivable Interest Receivable Inventory Prepaid General Expenses Account Payable Accrued General Expenses Interest Payable Income Tax Payable Salaries Payable $250,400 2,100 74,300 17,600 39,500 19,500 900 11,500 Dec 31, 2017 9,850 $1,530,600 17,250 (895,400) (255,400) (23,500) (114,300) (12,500) (85,500) (9,500) $ 151,750 $225,400 2,250 59,550 Dec. 31, 2016 14,000 46,300 21,750 1,100 9,750 5,400 Prepare the operating Activities section of the statement of cash flows using the direct method
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