From the following information determine net cash flow from operations using the direct method:

From the following information determine net cash flow from operations using the direct method:

 

INCOME STATEMENT

Service Revenue                                              $500,000

Wages Expense                                                                (50,000)

Insurance Expense                                          (10,000)

Net Income                                                        $440,000

 

BALANCE SHEETS

12/31/19X0        12/31/19X1

Accounts Receivable                          $30,000                 $36,000

Prepaid Insurance                           5,000                     6,000

Wages Payable                                 7,000                     4,000

 

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