O'hare Company's only asset as of January 1, 2017, was a limousine. During 2017, only the following three transactions occurred: Services of $92,000 were provided on account. All accounts receivable...

1.Develop an income statement for O'hare for 2017.

2.Determine the amount of the net cash inflow for O'hare for 2017.

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3.The amount of net income does not equal the amount of the net cash inflow because of depreciation expense. This is a noncash charge which does not affect cash. This needs to be added back to net income to determine the amount of net cash inflow.

4.If O'hare developed a cash flow statement for 2017 using the indirect method, what amount would appear in the category titled Cash Flow from Operating Activities?
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