Parra Company completed its income statement and comparative balance sheet for the current year and provided the following information: Income Statement Service revenue $ 68,000 Expenses: Salaries $ 40,200 Depreciation 6,000 Utilities 6, 200 Loss on sale of equipment 1,100 53, 500 Net income $ 14, 500 Partial Balance Sheet Current Year Prior Year Accounts receivable $ 13,900 $ 24,400 Salaries payable 20, 600 11,800 Other accrued liabilities 6,400 10,300 Land 50, 300 57,700 Required: Present the operating activities section of the statement of cash flows for Parra Company using the indirect method. Note: 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 $ 68,000 Expenses: Salaries $ 40,200 Depreciation 6,000 Utilities 6, 200 Loss on sale of equipment 1,100 53, 500 Net income $ 14, 500 Partial Balance Sheet Current Year Prior Year Accounts receivable $ 13,900 $ 24,400 Salaries payable 20, 600 11,800 Other accrued liabilities 6,400 10,300 Land 50, 300 57,700 Required: Present the operating activities section of the statement of cash flows for Parra Company using the indirect method. Note: List cash outflows as negative amounts.

Name: Parra Company completed its income statement and comparative balance
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Description: Parra Company completed its income statement and comparative balance sheet for the current year and provided the followinginformation: Income Statement Service revenue $ 68,000 Expenses: Salaries $ 40, 200 Depreciation 6,000 Utilities 6,200 Loss on

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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