Shamrock, Inc.’s income statement contained the condensed information below. Shamrock, Inc.Income StatementFor the Year Ended December 31, 2017 Service revenue $1,775,100 Operating expenses, excluding depreciation $1,123,620 Depreciation expense 100,650 Loss on disposal of plant assets 29,280 1,253,550 Income before income taxes 521,550 Income tax expense 102,480 Net income $419,070 Shamrock, Inc.’s balance sheet contained the comparative data at December 31. 2017 2016 Accounts receivable $128,100 $109,800 Accounts payable 75,030 58,560 Income taxes payable 23,790 12,810 Accounts payable pertain to operating expenses.Prepare the operating activities section of the statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
Shamrock, Inc.’s income statement contained the condensed information below. Shamrock, Inc.Income StatementFor the Year Ended December 31, 2017 Service revenue $1,775,100 Operating expenses, excluding depreciation $1,123,620 Depreciation expense 100,650 Loss on disposal of plant assets 29,280 1,253,550 Income before income taxes 521,550 Income tax expense 102,480 Net income $419,070 Shamrock, Inc.’s balance sheet contained the comparative data at December 31. 2017 2016 Accounts receivable $128,100 $109,800 Accounts payable 75,030 58,560 Income taxes payable 23,790 12,810 Accounts payable pertain to operating expenses.Prepare the operating activities section of the statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Shamrock, Inc.’s income statement contained the condensed information below.
|
Shamrock, Inc.
Income Statement For the Year Ended December 31, 2017 |
||||
|---|---|---|---|---|
|
Service revenue
|
$1,775,100
|
|||
|
Operating expenses, excluding
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$1,123,620
|
|||
|
Depreciation expense
|
100,650
|
|||
|
Loss on disposal of plant assets
|
29,280
|
1,253,550
|
||
|
Income before income taxes
|
521,550
|
|||
|
Income tax expense
|
102,480
|
|||
|
Net income
|
$419,070
|
Shamrock, Inc.’s
|
2017
|
2016
|
|||
|---|---|---|---|---|
|
|
$128,100 | $109,800 | ||
|
Accounts payable
|
75,030 | 58,560 | ||
|
Income taxes payable
|
23,790 | 12,810 |
Accounts payable pertain to operating expenses.
Prepare the operating activities section of the statement of
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