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Grania Company’s income statement contained the condensedinformation below GRANIA COMPANY Income Statement For the YearEnded December

 Grania Company’s income statement contained the condensedinformation below. GRANIA COMPANY Income Statement For the YearEnded December 31, 2010 Revenues $970,000 Operating expenses,excluding depreciation $624,000 Depreciation expense 60,000 Loss onsale of equipment 16,000 700,000 Income before income taxes 270,000Income tax expense 40,000 Net income $230,000 Grania’s balancesheet contained the comparative data at December 31, shown below.2010 2009 Accounts receivable $75,000 $60,000 Accounts payable41,000 28,000 Income taxes payable 11,000 7,000 Accounts payablepertain to operating expenses. Hint: Prepare the operatingactivities section—indirect method. (SO 3) Instructions Prepare theoperating activities section of the statement of cash flows usingthe indirect method. Cash from operations $308,000

Apr 04 2020 Read more Less More

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