Problem 13-3A (Direct Method) The income statement for Tremblant Limited is pres

Question

Problem 13-3A (Direct Method) The income statement for Tremblant Limited is presented here: TREMBLANT LIMITED Income Statement Year Ended December 31, 2015 Service revenue Operating expenses Profit from operations Interest expense Profit before income tax Income tax expense Profit $914,600 716,700 197,900 74,650 123,250 38,390 $84,860 Tremblant's statement of financial position contained these comparative data at December 31: 2015 2014 Accounts receivable Prepaid expenses Accounts payable Salaries payable Unearned revenue Interest payable Income tax payable $56,490 13,660 35,240 18,060 12,830 7,000 4,980 $48,450 15,430 42,770 20,400 8,180 5,140 9,530

Explanation / Answer

Cash flows from Operating activities (Direct Method) Cash collected from Accounts receivable 911210 (914600+48450-56490-8180+12830) Cash paid for Admin Expense -124960 (119200+13660-15430+42770-35240) Salaries paid (507220+20400-18060) -509560 Interest paid (74650+5140-7000) -72790 Income tax paiid (38390+9530-4980) -42940 Net cash provided from operating activities 160960

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