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Wildhorse Co. Income Statement For the Year Ended December 31, 2022 Service revenue Operating expenses, excluding depreciation $624.100 Depreciation expense 55,400 Loss on disposal of plant assets 25.200 Income before income taxes Income tax expense Net income $970,400 704,700 265,700 39,100 $226,600 Wildhorse's balance sheets contained the following comparative data at December 31. 2022 2021 Accounts receivable $75,200 $59,800 Accounts payable 40,400 28,900 Income taxes payable 13,000 6,400 Adjustments to reconcile net income to Accounts payable pertain to operating expenses. Prepare the operating activities section of the statement of cash flows using the Indirect method. (Show amounts that decrease cash flow with either a sign e.g.-15.000 or in parenthesis e.g. (15,000).) Wildhorse Co. Partial Statement of Cash Flows

Wildhorse Co. Income Statement For the Year Ended December 31, 2022 Service revenue Operating expenses, excluding depreciation $624.100 Depreciation expense 55,400 Loss on disposal of plant assets 25.200 Income before income taxes Income tax expense Net income $970,400 704,700 265,700 39,100 $226,600 Wildhorse's balance sheets contained the following comparative data at December 31. 2022 2021 Accounts receivable $75,200 $59,800 Accounts payable 40,400 28,900 Income taxes payable 13,000 6,400 Adjustments to reconcile net income to Accounts payable pertain to operating expenses. Prepare the operating activities section of the statement of cash flows using the Indirect method. (Show amounts that decrease cash flow with either a sign e.g.-15.000 or in parenthesis e.g. (15,000).) Wildhorse Co. Partial Statement of Cash Flows

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Wildhorse Co. Income Statement For the Year Ended December 31, 2022 Service revenue Operating expenses, excluding depreciation $624,100 Depreciation expense 55,400 Loss on disposal of plant assets 25.200 Income before income taxes Income tax expense Net income 2021 $59,800 28,900 6,400 $970,400 Wildhorse's balance sheets contained the following comparative data at December 31. 2022 Accounts receivable $75,200 Accounts payable 40,400 Income taxes payable 13,000 704,700 265,700 39,100 $226,600 Adjustments to reconcile net income to Accounts payable pertain to operating expenses. Prepare the operating activities section of the statement of cash flows using the Indirect method. (Show amounts that decrease cash flow with either a sign e.g.-15.000 or in parenthesis e.g. (15,000).) Wildhorse Co. Partial Statement of Cash Flows
Transcribed Image Text:Wildhorse Co. Income Statement For the Year Ended December 31, 2022 Service revenue Operating expenses, excluding depreciation $624,100 Depreciation expense 55,400 Loss on disposal of plant assets 25.200 Income before income taxes Income tax expense Net income 2021 $59,800 28,900 6,400 $970,400 Wildhorse's balance sheets contained the following comparative data at December 31. 2022 Accounts receivable $75,200 Accounts payable 40,400 Income taxes payable 13,000 704,700 265,700 39,100 $226,600 Adjustments to reconcile net income to Accounts payable pertain to operating expenses. Prepare the operating activities section of the statement of cash flows using the Indirect method. (Show amounts that decrease cash flow with either a sign e.g.-15.000 or in parenthesis e.g. (15,000).) Wildhorse Co. Partial Statement of Cash Flows
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