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Rewe Company's income statement contained the condensed information below. Prepare the operating activities section of the statement of cash flows using the DIRECT method. Please
Rewe Company's income statement contained the condensed information below.
Prepare the operating activities section of the statement of cash flows using the DIRECT method. Please do not do it using the indirect method, and please show your work. Thank you.
Net Cash Provided: $305,000
$970,000 Rewe Company Income Statement For the Year Ended December 31, 2022 Service revenue Operating expenses, excluding depreciation $614,000 Depreciation expense 55,000 Loss on disposal of plant assets 16,000 Income before income taxes Income tax expense Net income 685,000 285,000 56,000 $229,000 Rewe's balance sheets contained the following comparative data at December 31. 2022 2021 Accounts receivable Accounts payable Income taxes payable $70,000 41,000 13,000 $60,000 32,000 7,000 Accounts payable pertain to operating expensesStep by Step Solution
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