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Scorpion Corporation prepares the operating section of its Statement of Cash Flows using the direct method, as follows: SCORPION CORPORATION Operation Section Statement of Cash
Scorpion Corporation prepares the operating section of its Statement of Cash Flows using the direct method, as follows: SCORPION CORPORATION Operation Section Statement of Cash Flows For the Year Ended December 31, 2017 $380,000 Cash receipts from customers Cash payments: Wages.. Income taxes Insurance. Interest Cash from operations. $150,000 65,000 40,000 25,000 280,000 $100,000 Additional information: Accounts receivable. Wages payable. Income taxes payable. Prepaid insurance Accumulated depreciation - equipment Interest payable. Balances at Dec 31 2017 2016 $50,000 $30,000 15,000 25,000 14,000 19,000 8,000 4,000 95,000 80,000 3,000 9,000 No equipment was sold during 2017. Required (to earn marks you must provide supporting calculations) Determine the amounts for the following items that would appear in Scorpion's 2017 income statement. Sales Revenue Wages expense Insurance expense Depreciation expense Interest expense Income tax expense
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