Lily Company's income statement contained the following condensed information.LILY COMPANYIncome StatementFor the Year Ended December 31, 2022Service revenueOperating expenses, excluding depreciationDepreciation expenseLoss on disposal of plant assetsIncome before income taxesIncome tax expenseNet incomeAccounts receivableAccounts payableIncome taxes payable2022$75,50041,00012,2002021cash payments:Lily's balance sheets contained the comparative data at December 31, shown below.$61,00028,3006,700$624,20055,50025,000$$969,000704,700264,30039,700$224,600Accounts payable pertain to operating expenses.Prepare the operating activities section of the statement of cash flows using the direct method. (Show amounts that decrease cash flowwith either a-sign e.g.-15,000 or in parenthesis eg. (15,000).)LILY COMPANYPartial Statement of Cash Flows$

Cash flow statement is a statement which reveals cash receipts,cash payments and net changes in…

Lily Company's income statement contained the following condensed information. LILY COMPANY Income Statement For the Year Ended December 31, 2022 Service revenue Operating expenses, excluding depreciation $624,200 Depreciation expense Loss on disposal of plant assets Income before income taxes Income tax expense Net income 2022 2021 Accounts receivable $75,500 $61,000 Accounts payable 41,000 Income taxes payable 12,200 28,300 55,500 6,700 25,000 $969,000 Lily's balance sheets contained the comparative data at December 31, shown below. 704,700 264,300 39,700 $224,600 Accounts payable pertain to operating expenses. Prepare the operating activities section of the statement of cash flows using the direct method. (Show amounts that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis e.g. (15.0001)

Lily Company's income statement contained the following condensed information. LILY COMPANY Income Statement For the Year Ended December 31, 2022 Service revenue Operating expenses, excluding depreciation $624,200 Depreciation expense Loss on disposal of plant assets Income before income taxes Income tax expense Net income 2022 2021 Accounts receivable $75,500 $61,000 Accounts payable 41,000 Income taxes payable 12,200 28,300 55,500 6,700 25,000 $969,000 Lily's balance sheets contained the comparative data at December 31, shown below. 704,700 264,300 39,700 $224,600 Accounts payable pertain to operating expenses. Prepare the operating activities section of the statement of cash flows using the direct method. (Show amounts that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis e.g. (15.0001)

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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