Wildhorse Co.Income StatementFor the Year Ended December 31, 2022Service revenueOperating expenses, excluding depreciation $624,100Depreciation expense55,400Loss on disposal of plant assets25.200Income before income taxesIncome tax expenseNet income2021$59,80028,9006,400$970,400Wildhorse's balance sheets contained the following comparative data at December 31.2022Accounts receivable$75,200Accounts payable40,400Income taxes payable 13,000704,700265,70039,100$226,600Adjustments to reconcile net income toAccounts payable pertain to operating expenses.Prepare the operating activities section of the statement of cash flows using the Indirect method. (Show amountsthat decrease cash flow with either a sign e.g.-15.000 or in parenthesis e.g. (15,000).)Wildhorse Co.Partial Statement of Cash Flows

Cash flow statement :— It is one of the financial statements that shows change in cash and cash…

Wildhorse Co. Income Statement For the Year Ended December 31, 2022 Service revenue Operating expenses, excluding depreciation $624.100 Depreciation expense 55,400 Loss on disposal of plant assets 25.200 Income before income taxes Income tax expense Net income $970,400 704,700 265,700 39,100 $226,600 Wildhorse's balance sheets contained the following comparative data at December 31. 2022 2021 Accounts receivable $75,200 $59,800 Accounts payable 40,400 28,900 Income taxes payable 13,000 6,400 Adjustments to reconcile net income to 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).) Wildhorse Co. Partial Statement of Cash Flows

Wildhorse Co. Income Statement For the Year Ended December 31, 2022 Service revenue Operating expenses, excluding depreciation $624.100 Depreciation expense 55,400 Loss on disposal of plant assets 25.200 Income before income taxes Income tax expense Net income $970,400 704,700 265,700 39,100 $226,600 Wildhorse's balance sheets contained the following comparative data at December 31. 2022 2021 Accounts receivable $75,200 $59,800 Accounts payable 40,400 28,900 Income taxes payable 13,000 6,400 Adjustments to reconcile net income to 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).) Wildhorse Co. Partial Statement of Cash Flows

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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