Ivanhoe Company’s income statement for the year ended December 31, 2020, contained the following condensed information.Service revenue $842,000Operating expenses (excluding depreciation) $626,000 Depreciation expense 61,000 Loss on sale of equipment 27,000 714,000Income before income taxes 128,000Income tax expense 40,000Net income $88,000Ivanhoe’s balance sheet contained the following comparative data at December 31. 2020 2019Accounts receivable $37,000 $56,000Accounts payable 39,000 33,000Income taxes payable 4,100 8,400(Accounts payable pertains to operating expenses.)Prepare the operating activities section of the statement of cash flows using the direct method.IVANHOE COMPANYStatement of Cash Flows (Partial)choose the accounting period select an opening section name select an item $enter a dollar amountselect an item $enter a dollar amount select an item enter a dollar amount enter a subtotal of the two previous amountsselect a closing section name $enter a total amount for the section

There are 3 segments in the statement of cash flows: Cash flow from operating activities Cash flow…

Answered: Ivanhoe Company’s income statement for…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter22: Accounting For Changes And Errors.

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Ivanhoe Company’s income statement for the year ended December 31, 2020, contained the following condensed information.

Service revenue		$842,000
Operating expenses (excluding depreciation)	$626,000
Depreciation expense	61,000
Loss on sale of equipment	27,000	714,000
Income before income taxes		128,000
Income tax expense		40,000
Net income		$88,000

Ivanhoe’s balance sheet contained the following comparative data at December 31.

	2020	2019
Accounts receivable	$37,000	$56,000
Accounts payable	39,000	33,000
Income taxes payable	4,100	8,400

(Accounts payable pertains to operating expenses.)

Prepare the operating activities section of the statement of cash flows using the direct method.

IVANHOE COMPANY Statement of Cash Flows (Partial) choose the accounting period


select an opening section name

select an item

select an item
		$enter a dollar amount

select an item
	$enter a dollar amount

select a closing section name
	enter a dollar amount
		enter a subtotal of the two previous amounts

		$enter a total amount for the section

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