Norman companys income statement for the year ended, Ask an Expert

Accounting

Norman Company's income statement for the year ended December 31, 2012, contained the following condensed information.

Service revenue		$849,940
Operating expenses (excluding depreciation)	$629,560
Depreciation expense	58,390
Loss on sale of equipment	25,820	713,770
Income before income taxes		136,170
Income tax expense		38,270
Net income		$97,900

Norman's balance sheet contained the following comparative data at December 31.

	2012	2011
Accounts receivable	$36,280	$58,630
Accounts payable	46,490	30,870
Income taxes payable	4,070	8,820

Prepare the operating activities section of the statement of cash flows using the direct method.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9951556

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