120 brice corporation reported the following information 2016 income statement sales 4314099

120 brice corporation reported the following information 2016 income statement sales 4314099

120.Brice Corporation reported the following information:

2016 Income Statement:

Sales Revenue$8,200,000

Cost of goods sold 6,400,000

Gross profit1,800,000

Operating expenses (includes $200,000 depreciation expense)1,250,000

Pretax income550,000

Income tax expense (30% rate) 165,000

Net Income$385,000

Balance Sheet: 

 20162015

Accounts receivable$800,000$600,000

Inventory520,000480,000

Prepaid expenses110,000120,000

Accounts payable340,000310,000

Accrued liabilities80,00090,000

Income taxes payable25,00040,000

Unearned sales revenue100,000200,000

Compute Brice's cash paid for income taxes in 2016.  
 

121.Use the following information to prepare a statement of cash flows (direct method) for Ames Corporation for the year ended December 31, 2017.

Cash and cash equivalent balances:

 31-2016$26,000

 31-2017 18,000

Cash paid for purchase of treasury stock 50,000

Accepted note receivable in exchange for a computer that had been used in business operations10,000

Depreciation expense 15,000

Cash received from customers200,000

Cash paid for operating expenses 75,000

Cash paid for merchandise130,000

Cash received from dividends   2,000

Cash paid for dividends   5,000

Cash paid for office building 75,000

Cash borrowed on a 6-month note payable 40,000

Cash received from issuance of bonds payable  90,000

Cash paid for bond interest expense   5,000

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