Homework Help is Here – Start Your Trial Now!
Business
Accounting
Zumbrunn Company's income statement contained the following condensed information. ZUMBRUNN CcOMPANY Income Statement For the Year Ended December 31, 2020 Service revenue $971,200 Operating expenses, excluding depreciation $623,000 Depreciation expense 54,500 Loss on disposal of plant assets 25,000 702,500 Income before income taxes 268,700 Income tax expense 40,000 Net income $228,700 Zumbrunn's balance sheets contained the comparative data at December 31, shown below. 2020 2019 Accounts receivable $75,000 $60,900 Accounts payable 41,100 27,200 Income taxes payable 10,400 6,200 Accounts payable pertain to operating expenses.

Zumbrunn Company's income statement contained the following condensed information. ZUMBRUNN CcOMPANY Income Statement For the Year Ended December 31, 2020 Service revenue $971,200 Operating expenses, excluding depreciation $623,000 Depreciation expense 54,500 Loss on disposal of plant assets 25,000 702,500 Income before income taxes 268,700 Income tax expense 40,000 Net income $228,700 Zumbrunn's balance sheets contained the comparative data at December 31, shown below. 2020 2019 Accounts receivable $75,000 $60,900 Accounts payable 41,100 27,200 Income taxes payable 10,400 6,200 Accounts payable pertain to operating expenses.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

See picture for details, can someone please help with completing the blanks

Zumbrunn Company's income statement contained the following condensed information. ZUMBRUNN COMPANY Income Statement For the Year Ended December 31, 2020 Service revenue $971,200 Operating expenses, excluding depreciation $623,000 Depreciation expense 54,500 Loss on disposal of plant assets 25,000 702,500 Income before income taxes 268,700 Income tax expense 40,000 Net income $228,700 Zumbrunn's balance sheets contained the comparative data at December 31, shown below. 2020 2019 Accounts receivable $75,000 $60,900 Accounts payable 41,100 27,200 Income taxes payable 10,400 6,200 Accounts payable pertain to operating expenses. Prepare the operating activities section of the statement of cash flows using the direct method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) ZUMBRUNN COMPANY Partial Statement of Cash Flows For the Year Ended December 31, 2020 Cash Flows from Operating Activities Cash Receipts from Customers 957100 Less v cash payments: For Income Taxes (35800) For Operating Expenses Net Cash Provided by Operating Activities v
Transcribed Image Text:Zumbrunn Company's income statement contained the following condensed information. ZUMBRUNN COMPANY Income Statement For the Year Ended December 31, 2020 Service revenue $971,200 Operating expenses, excluding depreciation $623,000 Depreciation expense 54,500 Loss on disposal of plant assets 25,000 702,500 Income before income taxes 268,700 Income tax expense 40,000 Net income $228,700 Zumbrunn's balance sheets contained the comparative data at December 31, shown below. 2020 2019 Accounts receivable $75,000 $60,900 Accounts payable 41,100 27,200 Income taxes payable 10,400 6,200 Accounts payable pertain to operating expenses. Prepare the operating activities section of the statement of cash flows using the direct method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) ZUMBRUNN COMPANY Partial Statement of Cash Flows For the Year Ended December 31, 2020 Cash Flows from Operating Activities Cash Receipts from Customers 957100 Less v cash payments: For Income Taxes (35800) For Operating Expenses Net Cash Provided by Operating Activities v
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Personal Financial Statements
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS