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Please answer for the PARTIAL statement of cashflows. The answer outlined in red are incorrect Waterway Company's income statement contained the following condensed information. WATERWAY
Please answer for the PARTIAL statement of cashflows. The answer outlined in red are incorrect
Waterway Company's income statement contained the following condensed information. WATERWAY COMPANY Income Statement For the Year Ended December 31, 2022 Service revenue $970,400 Operating expenses, excluding depreciation $624,000 Depreciation expense 55,100 Loss on disposal of plant assets 24,900 704,000 Income before income taxes 266,400 39,800 Income tax expense Net income $226,600 Waterway's balance sheets contained the comparative data at December 31, shown below. 2022 2021 Accounts receivable $75.800 $59,400 Accounts payable 40,800 27,400 Income taxes payable 13,300 6,800 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 flo with either a - signe.g.-15,000 or in parenthesis e.g. (15,000).) WATERWAY COMPANY Partial Statement of Cash Flows For the Year Ended December 31, 2022 Cash Flows from Operating Activities Net Income 22600 Add cash payments: Increase in Accounts Payable $ 13400 Increase in Income Taxes Payable 6500 19900 Net Cash Provided by Operating Activities $ 42500Step by Step Solution
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