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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.

Managerial Accounting: The Cornerstone of Business Decision-Making
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter15: Financial Statement Analysis
Section: Chapter Questions
Problem 52E: Juroe Company provided the following income statement for last year: Juroes balance sheet as of...
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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
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