Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. shamrock companys income statement for the year en

Shamrock Companys income statement for the year ended December 31, 2020, contained the following condensed...

60.1K

Verified Solution

Question

Accounting

Shamrock Companys income statement for the year ended December 31, 2020, contained the following condensed information.

Service revenue

$842,000
Operating expenses (excluding depreciation)

$618,000
Depreciation expense

59,000
Loss on sale of equipment

25,000

702,000
Income before income taxes

140,000
Income tax expense

41,000
Net income

$99,000

Shamrocks balance sheet contained the following comparative data at December 31.

2020

2019
Accounts receivable $38,000 $53,000
Accounts payable 42,000 33,000
Income taxes payable 3,900 8,700

(Accounts payable pertains 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).)image

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).) SHAMROCK COMPANY Statement of Cash Flows (Partial) $ Adjustments to reconcile net income to $ > v $

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Find the real Fourier series of the piece-wise continuous periodic function f(x) = x+sin(x) -pi<=x

Advance Math
Q

1. Find the : (a) Inverse using explicit Gauss-Jordan elimination (b) The eigenvalues (c) Respective eigenvectors (2 0 -2 0...

Advance Math
Q

Write this statement as aconditional in if-then form:All triangles have three sides.If a figure has...

Geometry
Q

A school dance committee is to consist of 2 freshmen 3 sophomores 4 juniors and...

Basic Math
Q

Consider the function below.f(x) = -5x + 30x + 3

Basic Math
Q

An airplane has an airspeed of 490 kilometers per hour bearing N45E. The wind velocity...

Basic Math
Q

12. Golden Age operates three retirement homes and expects the following results next year: Oaks...

Accounting
Q

AaB+CeDdEe AaB A ADA Body Text Heading 1 He Capital Budgeting West Fraser Timber Co....

Accounting
Q

On October 1, Organic Farming purchases wind turbines for $140,000. the turbines are expected to...

Accounting
Q

If the Federal Reserve buys $8,500 worth of securities from non- bank public, and the...

Finance
Q

The table below shows the one-year return distribution of Startup Inc. Probability 25% 20% 20%...

Finance
Q

Need help with excel formulas please 1 B C D E F G H...

Accounting