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Intensive Care Urology Practice (ICUP), a not-for-profit business, had revenues in 2018 of $700,000. Expenses...

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Accounting

Intensive Care Urology Practice (ICUP), a not-for-profit business, had revenues in 2018 of $700,000. Expenses are $400,000, 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.

  1. Construct ICUPs Income Statement. Net Income $__________

  2. What was ICUPs Cash Flow for the year? Cash Flow $________

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)?

Net Income $

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?

Hint no tax rate is needed.

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