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.
Required:
(a) Calculate:
- Cash receipts from customers.
- Cash payments for operating expenses.
(b) Prepare the operating activities section of the statement of cash flows for 2020.
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