Wildhorse Co. Income Statement For the Year Ended December 31, 2022 Service revenue Operating expenses, excluding depreciation $624.100 Depreciation expense 55,400 Loss on disposal of plant assets 25.200 Income before income taxes Income tax expense Net income $970,400 704,700 265,700 39,100 $226,600 Wildhorse's balance sheets contained the following comparative data at December 31. 2022 2021 Accounts receivable $75,200 $59,800 Accounts payable 40,400 28,900 Income taxes payable 13,000 6,400 Adjustments to reconcile net income to Accounts payable pertain 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).) Wildhorse Co. Partial Statement of Cash Flows

Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter15: Financial Statement Analysis
Section: Chapter Questions
Problem 19BEA
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Wildhorse Co.
Income Statement
For the Year Ended December 31, 2022
Service revenue
Operating expenses, excluding depreciation $624,100
Depreciation expense
55,400
Loss on disposal of plant assets
25.200
Income before income taxes
Income tax expense
Net income
2021
$59,800
28,900
6,400
$970,400
Wildhorse's balance sheets contained the following comparative data at December 31.
2022
Accounts receivable
$75,200
Accounts payable
40,400
Income taxes payable 13,000
704,700
265,700
39,100
$226,600
Adjustments to reconcile net income to
Accounts payable pertain 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).)
Wildhorse Co.
Partial Statement of Cash Flows
Transcribed Image Text:Wildhorse Co. Income Statement For the Year Ended December 31, 2022 Service revenue Operating expenses, excluding depreciation $624,100 Depreciation expense 55,400 Loss on disposal of plant assets 25.200 Income before income taxes Income tax expense Net income 2021 $59,800 28,900 6,400 $970,400 Wildhorse's balance sheets contained the following comparative data at December 31. 2022 Accounts receivable $75,200 Accounts payable 40,400 Income taxes payable 13,000 704,700 265,700 39,100 $226,600 Adjustments to reconcile net income to Accounts payable pertain 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).) Wildhorse Co. Partial Statement of Cash Flows
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