Cash Payments Assignment | Top Universities
Zumbrunn Company's income statement contained the following condensed information. ZUMBRUNN COMPANY Income Statement For the Year Ended December 31, 2020, $971,400 Service revenue Operating expenses, excluding depreciation Depreciation expense Loss on disposal of plant assets Income before income taxes Income tax expense $623,200 54,300 24,000 701,500 269,900 39,600
Net income $230,300 Zumbrunn's balance sheets contained the comparative data at December 31, shown below. 2020 2019 Accounts receivable Accounts payable Income taxes payable $74,800 40,300 11,800 $60,800 27,900 7,600 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).) ZUMBRUNN COMPANY Partial Statement of Cash Flows For the Year Ended December 31, 2020 Cash at Beginning of Period T Cash Receipts from Customers 957400.00 Fewer cash payments: For Operating Expenses 610800.00 Decrease in Income Taxes Payable 35400.00 575400.00 The cash Used By Operating Reeves Net Cash Used by Operating Activities 3100.00 311200.00. Get Accounting Homework Help Today.