27) Josephine Company had net income of $21,850 for the year ended December 31, 2015. Additional information from the income statement follows:
Income tax expense5,700
The company also reported the following balances:
31, 2014 31, 2015
Income taxes payable$22,000$21,300
Prepare the operating activities section of the statement of cash flows for the year ended December 31, 2015. Use the indirect method.
28) The income statement and comparative balance sheets for SSS Company are presented below:
For the Year Ended December 31, 2015
Cost of goods sold311,000
Loss on sale of fixed assets2,600
Income tax expense56,000
December 31, 2014 December 31, 2015
Bonds payable, due 202036,00044,000
Total liabilities and
Prepare a statement of cash flows using the indirect method for the year ended December 31, 2015. No land was sold in 2015. Land was purchased using bonds payable for $8,000 and cash for $2,000. A fixed asset was sold in 2015 for $4,100.