Zumbrunn Company’s income statement contained the condensed information below. ZUMBRUNN COMPANY Income Statement For the Year Ended December 31, 2017 Service revenue $970,500 Operating expenses, excluding depreciation $623,300 Depreciation expense 55,600 Loss on disposal of equipment 25,300 704,200 Income before income taxes 266,300 Income tax expense 40,900 Net income $225,400 Zumbrunn’s balance sheet contained the comparative data at December 31, shown below. 2017 2016 Accounts receivable $75,500 $59,300 Accounts payable 41,000 27,500 Income taxes payable 10,200 7,800 Accounts payable pertain to operating expenses. Prepare the operating activities section of the statement of cash flows using the direct method. ZUMBRUNN COMPANY Partial Statement of Cash Flows December 31, 2017For the Year Ended December 31, 2017For the Month Ended December 31, 2017EAT_1417087284062_1_8241998817080065 Cash at Beginning of PeriodCash at End of PeriodCash Flows from Financing ActivitiesCash Flows from Investing ActivitiesCash Flows from Operating ActivitiesNet Cash Provided by Financing ActivitiesNet Cash Provided by Investing ActivitiesNet Cash Provided by Operating ActivitiesNet Cash Used by Financing ActivitiesNet Cash Used by Investing ActivitiesNet Cash Used by Operating ActivitiesNet Decrease in CashNet Increase in Cash23835708_0_31258184697694846_dropdown_86_resp_5 Decrease in Accounts Payable Decrease in Income Taxes Payable Increase in Accounts Payable For Income Taxes Increase in Accounts Receivable Decrease in Accounts Receivable Increase in Income Taxes Payable Cash Receipts from Customers Loss on Sale of Equipment Depreciation Expense For Operating Expenses Net Income 23835708_0_31258184697694846_dropdown_88_resp_10 $ LessAddresp_2 cash payments: Decrease in Accounts Receivable For Income Taxes Net Income Cash Receipts from Customers Decrease in Accounts Payable Increase in Accounts Payable Increase in Income Taxes Payable Decrease in Income Taxes Payable Loss on Disposal of Equipment Increase in Accounts Receivable For Operating Expenses Depreciation Expense $ For Income Taxes Decrease in Accounts Receivable Increase in Accounts Payable Decrease in Income Taxes Payable Loss on Disposal of Equipment Depreciation Expense Cash Receipts from Customers Decrease in Accounts Payable Net Income For Operating Expenses Increase in Income Taxes Payable Increase in Accounts Receivable Cash at Beginning of PeriodCash at End of PeriodCash Flows from Financing ActivitiesCash Flows from Investing ActivitiesCash Flows from Operating ActivitiesNet Cash Provided by Financing ActivitiesNet Cash Provided by Investing ActivitiesNet Cash Provided by Operating ActivitiesNet Cash Used by Financing ActivitiesNet Cash Used by Investing ActivitiesNet Cash Used by Operating ActivitiesNet Decrease in CashNet Increase in Cash $ Warning Don’t show me this message again for the assignment Ok Cancel Link to Text
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