The income statement of Price Ltd for the year ended 31 December 2020, reported the following condensed information:

Revenue from fees                            $600,000

Operating expenses                          360,000

Income from operations                    240,000

Income tax expense                           60,000

Net income                                       $180,000


Price’s balance sheet contained the following comparative data at December 31:


.                                                       2020                                           2019

Accounts receivable                  $50,000                                  $45,000

Accounts payable                       35,000                                    41,000

Income taxes payable                 6,000                                       3,000


Price has no depreciable assets. Accounts payable pertains to operating expenses.



(a) Calculate:

  1. Cash receipts from customers.
  2. Cash payments for operating expenses.

(b) Prepare the operating activities section of the statement of cash flows for 2020.

Click on Buy Solution and make payment. All prices shown above are in USD. Payment supported in all currencies. Price shown above includes the solution of all questions mentioned on this page. Please note that our prices are fixed (do not bargain).

After making payment, solution is available instantly.Solution is available either in Word or Excel format unless otherwise specified.

If your question is slightly different from the above question, please contact us at with your version of question.