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Construct intensive care urology practice income statement

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Reference no: EM132647490

Intensive Care Urology Practice (ICUP), a not-for-profit business, had revenues in 2019 of $900,000. Cash Expenses are $600,000, plus depreciation of $100,000. All revenues were collected in cash, and all expenses, excluding depreciation, were paid in cash during the year. No other assets were purchased, and no money was borrowed.

Problem a. Construct ICUP's Income Statement.

Problem b. What was ICUP's Cash Flow for the year?

Problem c. If PU changed its depreciation method so that the Depreciation Expense tripled to $300,000, what would be the new Net Income (other expenses remained the same)?

Problem d. Again, if (under GAAP) ICUP changed its depreciation method so that the Depreciation Expense tripled to $300,000, what would be the new Cash Flow?

Problem e. Comment on the results.

Reference no: EM132647490

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