p13-5b - Name: Date: Instructor: Course: rd Managerial...

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FileName: 73a2a31f0f94652f439aea4417f62b1776051c8b.xls, Tab: Problem P13-5B, Page 1 of 2, 12/28/2011, 19:03:36 Name: Date: Instructor: Course: NO SOUP COMPANY Income Statement For the Year Ended December 31, 2005 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 No Soup's balance sheet contained these comparative data at December 31. 2005 2004 Accounts receivable $65,000 $60,000 Accounts payable 41,000 33,000 Income taxes payable 11,000 7,000 Accounts payable pertain to operating expenses. Instructions: Prepare the operating activities section of the statement of cash flows using the direct method. NO SOUP COMPANY Partial Statement of Cash Flows For the Year Ended December 31, 2005 Cash flows from operating activities Cash receipts from customers Amount (1) Less cash payments: Title Amount (2) Title Amount Formula (3) Net cash provided by operating activities
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This note was uploaded on 12/28/2011 for the course ACCT 221 taught by Professor Leonarda.bacon during the Winter '07 term at CSU Bakersfield.

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p13-5b - Name: Date: Instructor: Course: rd Managerial...

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