Business, 17.06.2020 22:57, makayladurham19
The Diversified Portfolio Corporation provides investment advice to customers. A condensed income statement for the year ended December 31, 2021, appears below:
Service revenue $900,000
Operating expenses 700,000
Income before income taxes 200,000
Income tax expense 50,000
Net income $150,000
The following balance sheet information also is available:
12/31/13 12/31/12
Cash $405,000 $81,000
Accounts receivable 142,000 111,000
Accounts payable (operating expenses) 92,000 71,000
Income taxes payable 21,000 37,000
In addition, the following transactions took place during the year:
1. Common stock was issued for $122,000 in cash.
2. Long-term investments were sold for $61,000 in cash. The original cost of the investments also was $61,000.
3. $91,000 in cash dividends was paid to shareholders.
4. The company has no outstanding debt, other than those payables listed above.
5. Operating expenses include $41,000 in depreciation expense.
Required:
Prepare a statement of cash flows for 2013 for the Diversified Portfolio Corporation. Use the direct method for reporting operating activities.
Answers: 3
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