Sheridan Company's income statement contained the following condensed information. SHERIDAN COMPANY Income Statement For the Year Ended December 31, 2022 Service revenue $969,000 Operating expenses, excluding depreciation $623,700 Depreciation expense 54,900 Loss on disposal of plant assets 24,400 703,000 Income before income taxes 266,000 Income tax expense Net income 41,000 $225,000 Sheridan's balance sheets contained the following comparative data at December 31. 2022 2021 Accounts receivable $74,700 $60,100 Accounts payable 40,400 27,400 Income taxes payable 13,600 6,800 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).) SHERIDAN COMPANY Partial Statement of Cash Flows Adjustments to reconcile net income to A > A +A $
Sheridan Company's income statement contained the following condensed information. SHERIDAN COMPANY Income Statement For the Year Ended December 31, 2022 Service revenue $969,000 Operating expenses, excluding depreciation $623,700 Depreciation expense 54,900 Loss on disposal of plant assets 24,400 703,000 Income before income taxes 266,000 Income tax expense Net income 41,000 $225,000 Sheridan's balance sheets contained the following comparative data at December 31. 2022 2021 Accounts receivable $74,700 $60,100 Accounts payable 40,400 27,400 Income taxes payable 13,600 6,800 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).) SHERIDAN COMPANY Partial Statement of Cash Flows Adjustments to reconcile net income to A > A +A $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Sheridan Company's income statement contained the following condensed information.
SHERIDAN COMPANY
Income Statement
For the Year Ended December 31, 2022
Service revenue
$969,000
Operating expenses, excluding depreciation
$623,700
Depreciation expense
54,900
Loss on disposal of plant assets
24,400
703,000
Income before income taxes
266,000
Income tax expense
Net income
41,000
$225,000
Sheridan's balance sheets contained the following comparative data at December 31.
2022
2021
Accounts receivable
$74,700
$60,100
Accounts payable
40,400
27,400
Income taxes payable
13,600
6,800
Transcribed Image Text: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).)
SHERIDAN COMPANY
Partial Statement of Cash Flows
Adjustments to reconcile net income to
A
>
A
+A
$
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