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$1,640,000 803,600 836,400 SONAD COMPANY Income Statement For Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses Salaries expense $224,680 Depreciation
$1,640,000 803,600 836,400 SONAD COMPANY Income Statement For Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses Salaries expense $224,680 Depreciation expense 39,360 Rent expense 44,280 Amortization expenses-Patents 4,920 Utilities expense 18.040 Gain on sale of equipment Net Income 331,280 505,120 6,560 $ 511,680 Accounts receivable Inventory $43,600 Increase 25, 175 Increase Accounts payable Salaries payable $13,875 decrease 4,200 decrease Prepare the operating activities section of the statement of cash flows using the direct method. (Amounts to be deducted should be indicated with a minus sign.) Statement of Cash Flows (Partial) Cash flows from operating activities Gain on sale of equipment (44,280) (18,040) Net cash provided by operating activities $ (62,3207
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