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Zumbrunn Companys income statement contained the following condensed information. ZUMBRUNN COMPANY Income Statement For the Year Ended December 31, 2020 Service revenue $969,800 Operating expenses,
Zumbrunn Companys income statement contained the following condensed information.
ZUMBRUNN COMPANY Income Statement For the Year Ended December 31, 2020 | ||||
Service revenue | $969,800 | |||
Operating expenses, excluding depreciation | $623,300 | |||
Depreciation expense | 55,000 | |||
Loss on disposal of plant assets | 24,700 | 703,000 | ||
Income before income taxes | 266,800 | |||
Income tax expense | 40,800 | |||
Net income | $226,000 |
Zumbrunns balance sheets contained the comparative data at December 31, shown below.
2020 | 2019 | |||
Accounts receivable | $74,400 | $60,100 | ||
Accounts payable | 41,000 | 28,500 | ||
Income taxes payable | 11,300 | 6,800 |
ZUMBRUNN COMPANY Partial Statement of Cash Flows For the Year Ended December 31, 2020 Cash Flows from Operating Activities 969800 Cash Receipts from Customers Less cash payments: 623300 For Operating Expenses 40800 For Income Taxes 664100 664100 Net Cash Provided by Operating Activities
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