George Clooney Company's income statement for the year ended December 31 2002, contained the following condensed information.

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Clooney s balance sheet contained the following comparative data at December 31

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

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Managerial Accounting Tools For Business Decision Making

ISBN: 9780471413653

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Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso, Ibrahim M. Aly

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George Clooney Company's income statement for the year ended December 31 2002, contained the following condensed information.

Question:

Revenue from fees Operating expenses (excluding depreciation) Depreciation expense Loss on sale of equipment Income before income taxes Income tax expense Net income $900,000 $624,000 60,000 26,000 710,000 190,000 40,000 $150,000

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Managerial Accounting Tools For Business Decision Making

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