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Shamrock's balance sheets contained the following comparative data at December 31. Accounts receivable Accounts payable Income taxes payable 2025 $140,000 82,000 26,000 2024 $120,000 64,000 14,000

Shamrock's balance sheets contained the following comparative data at December 31. Accounts receivable Accounts payable Income taxes payable 2025 $140,000 82,000 26,000 2024 $120,000 64,000 14,000

FINANCIAL ACCOUNTING
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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Shamrock's balance sheets contained the following comparative data at December 31. Accounts receivable Accounts payable Income taxes payable 2025 $140,000 $120,000 82,000 64,000 26,000 14,000 2024 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).)
Transcribed Image Text:Shamrock's balance sheets contained the following comparative data at December 31. Accounts receivable Accounts payable Income taxes payable 2025 $140,000 $120,000 82,000 64,000 26,000 14,000 2024 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 Company's income statement contained the following condensed information. Shamrock Company Income Statement For the Year Ended December 31, 2025 Service revenue Operating expenses, excluding depreciation $1,228,000 Depreciation expense 110,000 Loss on disposal of plant assets 32,000 Income before income taxes Income tax expense Net income $1,940,000 1,370,000 570,000 112,000 $458,000 Shamrock's balance sheets contained the following comparative data at December 31.
Transcribed Image Text:Shamrock Company's income statement contained the following condensed information. Shamrock Company Income Statement For the Year Ended December 31, 2025 Service revenue Operating expenses, excluding depreciation $1,228,000 Depreciation expense 110,000 Loss on disposal of plant assets 32,000 Income before income taxes Income tax expense Net income $1,940,000 1,370,000 570,000 112,000 $458,000 Shamrock's balance sheets contained the following comparative data at December 31.
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