Ivanhoe Company’s income statement for the year ended December 31, 2020, contained the following condensed information. Service revenue $842,000 Operating expenses (excluding depreciation) $626,000 Depreciation expense 61,000 Loss on sale of equipment 27,000 714,000 Income before income taxes 128,000 Income tax expense 40,000 Net income $88,000 Ivanhoe’s balance sheet contained the following comparative data at December 31. 2020 2019 Accounts receivable $37,000 $56,000 Accounts payable 39,000 33,000 Income taxes payable 4,100 8,400 (Accounts payable pertains to operating expenses.) Prepare the operating activities section of the statement of cash flows using the direct method. IVANHOE COMPANY Statement of Cash Flows (Partial) choose the accounting period select an opening section name select an item $enter a dollar amount select an item $enter a dollar amount select an item enter a dollar amount enter a subtotal of the two previous amounts select a closing section name $enter a total amount for the section
Ivanhoe Company’s income statement for the year ended December 31, 2020, contained the following condensed information. Service revenue $842,000 Operating expenses (excluding depreciation) $626,000 Depreciation expense 61,000 Loss on sale of equipment 27,000 714,000 Income before income taxes 128,000 Income tax expense 40,000 Net income $88,000 Ivanhoe’s balance sheet contained the following comparative data at December 31. 2020 2019 Accounts receivable $37,000 $56,000 Accounts payable 39,000 33,000 Income taxes payable 4,100 8,400 (Accounts payable pertains to operating expenses.) Prepare the operating activities section of the statement of cash flows using the direct method. IVANHOE COMPANY Statement of Cash Flows (Partial) choose the accounting period select an opening section name select an item $enter a dollar amount select an item $enter a dollar amount select an item enter a dollar amount enter a subtotal of the two previous amounts select a closing section name $enter a total amount for the section
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
Related questions
Question
Ivanhoe Company’s income statement for the year ended December 31, 2020, contained the following condensed information.
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Service revenue
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$842,000
|
|||
|---|---|---|---|---|
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Operating expenses (excluding
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$626,000
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|||
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Depreciation expense
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61,000
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|||
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Loss on sale of equipment
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27,000
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714,000
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||
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Income before income taxes
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128,000
|
|||
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Income tax expense
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40,000
|
|||
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Net income
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$88,000
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Ivanhoe’s
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2020
|
2019
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|||
|---|---|---|---|---|
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Accounts receivable
|
$37,000 | $56,000 | ||
|
Accounts payable
|
39,000 | 33,000 | ||
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Income taxes payable
|
4,100 | 8,400 |
(Accounts payable pertains to operating expenses.)
Prepare the operating activities section of the statement of cash flows using the direct method.
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IVANHOE COMPANY
Statement of Cash Flows (Partial) choose the accounting period |
|---|
|
|
|---|
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select an opening section name
|
|
|
||
|---|---|---|
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select an item
|
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$enter a dollar amount
|
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|---|---|---|
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select an item
|
|
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$enter a dollar amount
|
|
|---|---|---|
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select an item
|
|
|
enter a dollar amount
|
|
|---|---|---|
|
enter a subtotal of the two previous amounts
|
||
|
select a closing section name
|
|
|
$enter a total amount for the section
|
|---|
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