Using the information provided in Problem 23-9A for Zowine Company, prepare the following: In Problem 23-9A Zowine Company’s condensed income statement for the year ended December 31, 20-2, was as follows: Net sales …………. $765,000Cost of goods sold ……… 550,000Gross profit ……….. $215,000Operating expenses …….. 30,000Income before taxes ……. $185,000Income tax expense …….. 65,000Net income ………… $120,000Additional information obtained from Zowine’s comparative balance sheets as of December 31, 20-2 and 20-1, was as follows: .:.1. A schedule for the calculation of cash generated from operating activities for Zowine Company for the year ended December 31, 20-2. 2. A partial statement of cash flows for Zowine Company reporting cash from operating activities under the direct method for the year ended December 31, 20-2.View Solution:
Using the information provided in Problem 23 9A for Zowine Company



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