*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
data from P14-5A
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
2008 2007
Accounts receivable $75,000 $60,000
Accounts payable 41,000 28,000
Income taxes payable 11,000 7,000
No comments:
Post a Comment