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O'hare Company's only asset as of January 1, 2010, was a limousine. During 2010, only the following three transactions occurred. Services of $100,000 were provided on account All accounts receivable were collected. Depreciation on the limousine was $15,000.
Required:
1. Develop an income statement for O'hare for 2010.
2. Determine the amount of the net inflow for O'hare for 2010.
3. Explain why O'hare's net income does not equal net cash inflow.
4. If O'hare developed a cash flow statement for 2010 using the indirect method, what amount would appear in the category titled Cash Flow from Operating Activities?
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