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The income statement of Metlock Inc. for the year ended December 31, 2022, reported the following condensed informatie $640,000 370,000 270,000 27,000 $243,000 Service revenue Operating expenses Income from operations Income tax expense Net income Metlock's balance sheet contained the following comparative data at December 31: Accounts receivable Accounts payable Income taxes payable 2022 2021 $58,500 36,000 4,500 $70,000 50,000 3.700 Metlock has no depreciable assets. Accounts payable pertains to operating expenses. Prepare the operating activities section of the statement of cash flows using the direct method

The income statement of Metlock Inc. for the year ended December 31, 2022, reported the following condensed informatie $640,000 370,000 270,000 27,000 $243,000 Service revenue Operating expenses Income from operations Income tax expense Net income Metlock's balance sheet contained the following comparative data at December 31: Accounts receivable Accounts payable Income taxes payable 2022 2021 $58,500 36,000 4,500 $70,000 50,000 3.700 Metlock has no depreciable assets. Accounts payable pertains to operating expenses. Prepare the operating activities section of the statement of cash flows using the direct method

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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The income statement of Metlock Inc. for the year ended December 31, 2022, reported the following condensed informatie Service revenue Operating expenses Income from operations Income tax expense Net income $640,000 370,000 270,000 27,000 $243,000 Metlock's balance sheet contained the following comparative data at December 31: Accounts receivable Accounts payable Income taxes payable 2022 2021 $58,500 36,000 4,500 $70,000 50,000 3.700 Metlock has no depreciable assets. Accounts payable pertains to operating expenses. Prepare the operating activities section of the statement of cash flows using the direct method.
Transcribed Image Text:The income statement of Metlock Inc. for the year ended December 31, 2022, reported the following condensed informatie Service revenue Operating expenses Income from operations Income tax expense Net income $640,000 370,000 270,000 27,000 $243,000 Metlock's balance sheet contained the following comparative data at December 31: Accounts receivable Accounts payable Income taxes payable 2022 2021 $58,500 36,000 4,500 $70,000 50,000 3.700 Metlock has no depreciable assets. Accounts payable pertains to operating expenses. Prepare the operating activities section of the statement of cash flows using the direct method.
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