Accounting: Income Statement for Grania Company
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P14-5A Grania Company's income statement contained the condensed information below.
GRANIA COMPANY
Income Statement
For the Year Ended December 31, 2008
Revenues $970,000
Operating expenses, excluding depreciation $624,000
Depreciation expense 60,000
Loss on sale of equipment 16,000 700,000
Income before income taxes 270,000
Income tax expense 40,000
Net income $230,000
Grania's balance sheet contained the comparative data at December 31, shown below.
2008 2007
Accounts receivable $75,000 $60,000
Accounts payable 41,000 28,000
Income taxes payable 11,000 7,000
Accounts payable pertain to operating expenses.
P14-6A
*P14-6A Data for Grania Company are presented in P14-5A.
Instructions
Prepare the operating activities section of the statement of cash flows using the direct method.
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P14-5A Grania Company's income statement contained the condensed information below.
GRANIA COMPANY
Income Statement
For the Year Ended December 31, 2008
Revenues $970,000
Operating expenses, excluding depreciation $624,000
Depreciation expense 60,000
Loss on sale of equipment 16,000 700,000
Income before income taxes 270,000
Income tax expense ...
Purchase this Solution
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