Lily Company's income statement contained the following condensed information. LILY COMPANY Income Statement For the Year Ended December 31, 2022 Service revenue Operating expenses, excluding depreciation Depreciation expense Loss on disposal of plant assets Income before income taxes Income tax expense Net income Accounts receivable Accounts payable Income taxes payable 2022 2021 $75,500 $61,000 41.000 For Income Taxes Lily's balance sheets contained the comparative data at December 31, shown below. 12,200 For Operating Expenses Cash Flows from Operating Activities Cash Receipts from Customers Less V cash payments: 28,300 $624,200 6,700 Net Cash Provided by Operating Activities 55,500 25,000 $969,000 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 eg. (15,000).) 704,700 264,300 39,700 $224,600 LILY COMPANY Partial Statement of Cash Flows For the Year Ended December 31, 2022 34,200 i 611.500 $ 954,500 308,800
Lily Company's income statement contained the following condensed information. LILY COMPANY Income Statement For the Year Ended December 31, 2022 Service revenue Operating expenses, excluding depreciation Depreciation expense Loss on disposal of plant assets Income before income taxes Income tax expense Net income Accounts receivable Accounts payable Income taxes payable 2022 2021 $75,500 $61,000 41.000 For Income Taxes Lily's balance sheets contained the comparative data at December 31, shown below. 12,200 For Operating Expenses Cash Flows from Operating Activities Cash Receipts from Customers Less V cash payments: 28,300 $624,200 6,700 Net Cash Provided by Operating Activities 55,500 25,000 $969,000 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 eg. (15,000).) 704,700 264,300 39,700 $224,600 LILY COMPANY Partial Statement of Cash Flows For the Year Ended December 31, 2022 34,200 i 611.500 $ 954,500 308,800
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter15: Financial Statement Analysis
Section: Chapter Questions
Problem 19BEA
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