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Depreciation and Cash Flow O'hare Company's only asset as of January 1, 2017, was a...

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Accounting

Depreciation and Cash Flow

O'hare Company's only asset as of January 1, 2017, was a limousine. During 2017, only the following three transactions occurred:

Services of $109,400 were provided on account. All accounts receivable were collected. Depreciation on the limousine was $12,100.

Required:

1. Develop an income statement for O'hare for 2017.

O'hare Company
Income Statement
For The Year Ended December 31, 2017
$fill in the blank 13f657041fc707b_2
fill in the blank 13f657041fc707b_4
$fill in the blank 13f657041fc707b_6

2. Determine the amount of the net cash inflow for O'hare for 2017. $fill in the blank a65f62faff9d05f_1

3. The amount of net income does not equal the amount of the net cash inflow because of . This is a charge which affect cash. This needs to be net income to determine the amount of net cash inflow.

4. If O'hare developed a cash flow statement for 2017 using the indirect method, what amount would appear in the category titled Cash Flow from Operating Activities? $fill in the blank a65f62faff9d05f_6

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