Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Waterway Company's income statement contained the following condensed information. WATERWAY COMPANY Income Statement For the Year Ended December 31, 2022 Service revenue Operating expenses, excluding
Waterway Company's income statement contained the following condensed information. WATERWAY COMPANY Income Statement For the Year Ended December 31, 2022 Service revenue Operating expenses, excluding depreciation $624,000 Depreciation expense Loss on disposal of plant assets Income before income taxes Income tax expense Net income $970,400 55,100 24,900 704,000 266,400 39,800 $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 flow with either a -sign e.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 Add < cash payments: > > $ 22600 $
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started