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 Depreciation expense Loss on disposal of plant assets Income before income taxes Income tax expense Net income Accounts receivable Accounts payable Income taxes payable 2022 2021 $75,500 $61,000 41.000 For Income Taxes Lily's balance sheets contained the comparative data at December 31, shown below. 12,200 For Operating Expenses Cash Flows from Operating Activities Cash Receipts from Customers Less V cash payments: 28,300 $624,200 6,700 Net Cash Provided by Operating Activities 55,500 25,000 $969,000 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 eg. (15,000).) 704,700 264,300 39,700 $224,600 LILY COMPANY Partial Statement of Cash Flows For the Year Ended December 31, 2022 34,200 i 611.500 $ 954,500 308,800

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 Depreciation expense Loss on disposal of plant assets Income before income taxes Income tax expense Net income Accounts receivable Accounts payable Income taxes payable 2022 2021 $75,500 $61,000 41.000 For Income Taxes Lily's balance sheets contained the comparative data at December 31, shown below. 12,200 For Operating Expenses Cash Flows from Operating Activities Cash Receipts from Customers Less V cash payments: 28,300 $624,200 6,700 Net Cash Provided by Operating Activities 55,500 25,000 $969,000 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 eg. (15,000).) 704,700 264,300 39,700 $224,600 LILY COMPANY Partial Statement of Cash Flows For the Year Ended December 31, 2022 34,200 i 611.500 $ 954,500 308,800

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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The income statement of Price Ltd for the year ended 31 December 2020, reported the following condensed information: Revenue from fees $600,000 Operating expenses 360,000 Income from operations 240,000 Income tax expense 60,000 Net income $180,000 Price's balance sheet contained the following comparative data at December 31: 2020 2019 Accounts receivable $50,000 $45,000 Accounts payable 35,000 41,000 Income taxes payable 6,000 3,000 Price has no depreciable assets. Accounts payable pertains to operating expenses. Required: (a) Calculate: Cash receipts from customers. Cash payments for operating expenses. (b) Prepare the operating activities…
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