MESSAGE MY INSTRUCTOR FULL se Problem 13-3A (Indirect Method) The income stateme

Question

MESSAGE MY INSTRUCTOR FULL se Problem 13-3A (Indirect Method) The income statement for Tremblant Limited is presented here TREMBLANT LIMITED Income Statement Year Ended December 31, 2015 $920,200 707,700 212,500 74,930 137,570 36,700 $100,870 2 (Direct Service revenue Operating expenses Profit from operations Interest expense Profit before income tax Income tax expense ts by Study Profit Tremblant's statement of financial position contained these comparative data at December 31: 2015 2014 Accounts receivable Prepaid expenses Accounts payeble Salaries payable Unearned revenue Interest payable Income tax payable $57,950 11,940 33,380 17,650 12,940 6,310 4,070 $54,960 15,340 40,450 21,760 8,290 ,180 9,360 eement 1 Prboy PolicY1 2000-2018John Wley& Sons.Ins. All Rights Reserved. A Division of John Wiley & Sons.Inc MacBook Pro 5 6 7 8 9 0

Explanation / Answer

Profit $        100,870 Adjustment to reconcile profit to net: Non cash expenses and change in working capital Add: Depreciation $        48,080 Add: Loss on disposal of equipment $        26,800 Less: Increase in accounts receivable $          2,990 Add: Decrease in prepaid expenses $          3,400 Less: Decrease in accounts payable $          7,070 Less: Decrease in salaries payable $          4,110 Add: Increase in unearned revenue $          4,650 Add: Increase in interest payable $          1,130 Less: Decrease in income tax payable $          5,290 $        103,520 Cash flow from operating activities $        204,390

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