Intensive Care Urology Practice (ICUP), a not-for profit business, has revenues in 2017 of $150,000. Expenses are $80,000 plus depreciation of $20,000. All revenues were collected in cash, and all expenses, excluding depreciation, were paid in cash during the year. No other assets were purchased and no money was borrowed

A: Construction ICUP's Income Statement:

Revenue:

Expenses:

Net Income:

B: What was ICUP's Cash Flow for the year?

Net Income:

Depreciation:

Cash Flow:

C: If PU changed it's depreciation method so that the Depreciation Expense doubled to $160,000, what would be the new Net Income (other expenses remained the same)?

Revenue:

Depreciation:

Other Expenses:

Total Expenses:

Net Profit:

D: Again, If (under GAAP) ICUP changed its depreciation method so that the Depreciation Expense double to $160,000, what would be the new Cash Flow?

New Profit:

Depreciation:

Cash flow:

E. Comment on the results: