CORONADO COMPANY
Income Statement
For the Year Ended December 31, 2022
Service revenue
$971,200
Operating expenses, excluding depreciation
$623,300
Depreciation expense
$55,200
Loss on disposal of plant assets
$25,100
Total operating expenses
$703,600
Income before income taxes
$267,600
Income tax expense
$39,800
Net income
$227,800
Coronado's balance sheets contained the comparative data at December 31, shown below.
Accounts payable pertain to operating expenses.
Prepare the operating activities section of the statement of cash flows using the direct method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
CORONADO COMPANY Income Statement
For the Year Ended December 31, 2022
Service revenue
$971,200
Operating expenses, excluding depreciation
$623,300
Depreciation expense
$55,200
Loss on disposal of plant assets
$25,100
Total operating expenses
$703,600
Income before income taxes
$267,600
Income tax expense
$39,800
Net income
$227,800
Coronado's balance sheets contained the comparative data at December 31, shown below
2022
2021
Accounts receivable
$76,000
$59,600
Accounts payable
$41,000
$27,100
Income taxes payable
$13,200
$6,300
Accounts payable pertain to operating expenses
Prepare the operating activities section of the statement of cash flows using the direct method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
