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(Solution) - Using the information provided in E22 12 prepare the statement of

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Using the information provided in E22-12, prepare the statement of cash flows for Ferragosto Services, Ltd. under the direct method.
In E22-12
Ferragosto Services, Ltd. provided the following comparative balance sheets and income statement for the current year.

Ferragosto Services, Ltd.
Income Statement
For the Year Ended December, 31
Current Year
Service Revenue???????????????.. $ 707,475
Selling, General, and Administrative Expenses???... (280,100)
Depreciation Expense?????????????... (75,900)
Bad Debt Expense??????????????? (20,000)
Income before Interest and Taxes?????????. $ 331,475
Interest Expense???????????????? (25,000)
Income before Tax???????????????. $ 306,475
Tax at 40%......................................................................... (122,590)
Net Income?????????????????? $ 183,885

 







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