Krauss Company's income statement for the year ended December 31, 2017, contained the following condensed information. Service revenue $840,000 Operating expenses (excluding depreciation) $624,000 Depreciation expense 60,000 Loss on sale of equipment 26,000 Income before income taxes Income tax expense Net income Krauss's balance sheet contained the following comparative Accounts receivable Accounts payable Income taxes payable 2017 $37,000 41,000 4,000 710,000 130,000 40,000 $90,000 data at December 31. 2016 $54,000 31,000 8,500 (Accounts payable pertains to operating expenses.) Prepare the operating activities section of the statement of cash flows using the direct method. KRAUSS COMPANY

Krauss Company's income statement for the year ended December 31, 2017, contained the following condensed information. Service revenue $840,000 Operating expenses (excluding depreciation) $624,000 Depreciation expense 60,000 Loss on sale of equipment 26,000 Income before income taxes Income tax expense Net income Krauss's balance sheet contained the following comparative Accounts receivable Accounts payable Income taxes payable 2017 $37,000 41,000 4,000 710,000 130,000 40,000 $90,000 data at December 31. 2016 $54,000 31,000 8,500 (Accounts payable pertains to operating expenses.) Prepare the operating activities section of the statement of cash flows using the direct method. KRAUSS COMPANY

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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