Parra Company completed its income statement and comparative balance sheet for the current year and provided the following information: Income Statement Service revenue $ 66,500 Expenses: Salaries $ 40,000 Depreciation 6,100 Utilities 5,100 Loss on sale of equipment 1,300 52,500 Net income $ 14,000 Partial Balance Sheet Current Year Prior Year Accounts receivable $ 12,900 $ 24,100 Salaries payable 19,100 11,100 Other accrued liabilities 5,800 10,300 Land 51,700 58,600 Present the operating activities section of the statement of cash flows for Parra Company using the indirect method. (List cash outflows as negative amounts.)
Parra Company completed its income statement and comparative balance sheet for the current year and provided the following information: Income Statement Service revenue $ 66,500 Expenses: Salaries $ 40,000 Depreciation 6,100 Utilities 5,100 Loss on sale of equipment 1,300 52,500 Net income $ 14,000 Partial Balance Sheet Current Year Prior Year Accounts receivable $ 12,900 $ 24,100 Salaries payable 19,100 11,100 Other accrued liabilities 5,800 10,300 Land 51,700 58,600 Present the operating activities section of the statement of cash flows for Parra Company using the indirect method. (List cash outflows as negative amounts.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Parra Company completed its income statement and comparative balance sheet for the current year and provided the following information:
| Income Statement | ||||
| Service revenue | $ | 66,500 | ||
| Expenses: | ||||
| Salaries | $ | 40,000 | ||
| 6,100 | ||||
| Utilities | 5,100 | |||
| Loss on sale of equipment | 1,300 | 52,500 | ||
| Net income | $ | 14,000 | ||
| Partial Balance Sheet | Current Year | Prior Year | ||
| Accounts receivable | $ | 12,900 | $ | 24,100 |
| Salaries payable | 19,100 | 11,100 | ||
| Other accrued liabilities | 5,800 | 10,300 | ||
| Land | 51,700 | 58,600 | ||
Present the operating activities section of the statement of cash flows for Parra Company using the indirect method. (List
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