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Please answer question #8, SHOWING ALL WORK ON ALL PARTS ACCORDINGLY. Thank you! The income statement of Kingbird Inc. for the year ended December 31,
Please answer question #8, SHOWING ALL WORK ON ALL PARTS ACCORDINGLY. Thank you!
The income statement of Kingbird Inc. for the year ended December 31, 2022, reported the following condensed information: Service revenue $650,000 Operating expenses 340,000 310,000 Income from operations Income tax expense Net income 31,000 $279.000 Kingbird's balance sheet contained the following comparative data at December 31: 2022 2021 Accounts receivable $54,500 $60.500 Accounts payable 33,500 44,500 Income taxes payable 4,200 2.100 Kingbird has no depreciable assets. Accounts payable pertains to operating expenses. Prepare the operating activities section of the statement of cash flows using the direct method. KINGBIRD INC Statement of Cash Flows > $ > : $ Step by Step Solution
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