Business, 12.04.2021 23:00 hwhite41

Zumbrunn Company’s income statement contained the following condensed information. ZUMBRUNN COMPANY Income Statement For the Year Ended December 31, 2020 Service revenue $970,100 Operating expenses, excluding depreciation $625,000 Depreciation expense 55,600 Loss on disposal of plant assets 25,700 706,300 Income before income taxes 263,800 Income tax expense 39,200 Net income $224,600 Zumbrunn’s balance sheets contained the comparative data at December 31, shown below. 2020 2019 Accounts receivable $75,000 $60,400 Accounts payable 40,000 27,700 Income taxes payable 10,200 6,900 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).)

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Zumbrunn Company’s income statement contained the following condensed information. ZUMBRUNN COMPANY...

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