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3. Construct a complete, properly formatted income statement for the year ended December 31, 2019, for XYZ Company, a corporation, using the following information: Utilities
3. Construct a complete, properly formatted income statement for the year ended December 31, 2019, for XYZ Company, a corporation, using the following information: Utilities expense Insurance expense Interest expense Management salaries expense Payroll tax expense Sales $12,000 $18,500 $5,200 $65,000 $17,500 $775,000 $26,500 $13,500 $465,000 $40,000 $8,000 Marketing expense Provision for income taxes Cost of services Rent expense Depreciation expense 4. Construct a complete, properly formatted balance sheet as of December 31, 2019, for XYZ Company, a corporation, using the following information: Accumulated depreciation Equipment loan payable Payroll taxes payable Accounts receivable Building Cash Accounts payable Equipment Inventory Mortgage payable Management salaries payable Common stock Short-term portion of long-term debt $22,400 $10,000 $1,300 $52,000 $75,700 $5,400 $13,200 $11,800 $86,400 $48,000 $4,800 $50,000 $8,300 5. Answer the following questions using the incomplete statement of cash flows for the Zany Company provided on page 88. a. If cash is equal to $57,544 at December 31, 2019, what did cash equal at December 31, 2018? b. If net cash provided by operating activities is $186,448, what is net income? c. Why is depreciation expense treated as an add back to net income in order to determine net cash provided by operating activities
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