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O'hare Company's only asset as of January 1, 2017, was a limousine. During 2017, only...

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Accounting

O'hare Company's only asset as of January 1, 2017, was a limousine. During 2017, only the following three transactions occurred: Services of $82,900 were provided on account. All accounts receivable were collected. Depreciation on the limousine was $19,800.

Required:

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 fe6b1aff0075fc6_2
fill in the blank fe6b1aff0075fc6_4
$fill in the blank fe6b1aff0075fc6_6

2. Determine the amount of the net cash inflow for O'hare for 2017. $fill in the blank c960f0fa7078036_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 c960f0fa7078036_6

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