$2,263,000 1,108,870 1.154,130 SONAD COMPANY Income Statement For Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses Salaries expense $310,031 Depreciation expense 54.312 Rent exponse 61.101 Amortization expenses-Patents 6,789 Utilities expense 24,893 Gain on sale of equipment Net Income 457, 126 697,004 9,052 $ 706,056 Accounts receivable Inventory $46,550 noroase 34,350 Increase Accounts payable Salarios payable $15,025 decrease 5.950 decrease a minus sign.) Statement of Cash Flows (partial) Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash ces Changes in current operating assets and liabilities $ 0 a. Equipment with a book value of $82,500 and an original cost of $170,000 was sold at a loss of $33,000. b. Paid $115,000 cash for a new truck c. Sold land costing $330,000 for $405,000 cash, yielding a gain of $75,000. d. Long-term investments in stock were sold for $96,300 cash, ylelding a gain of $15,500. Use the above information to determine cash flows from investing activities. (Amounts to be deducted should be indicated minus sign.) Statement of Cash Flows (partial) Cash flows from investing activities LANSING COMPANY Income Statement For Current Year Ended December 31 Sales revenue $130,200 Expenses Cost of goods sold 53,000 Depreciation expense 17,500 Salaries expense 29,000 Rent expense 10,100 Insurance expense 4,900 Interest expense 4,700 Utilities expense 3,900 Net income $ 7,100 LANSING COMPANY Selected Balance Sheet Accounts At December 31 Current Year Accounts receivable $6.700 Inventory 3,080 Accounts payable 5,500 Salaries payable 1,100 Utilities payable 440 Prepaid insurance 370 Prepaid rent 440 Prior Year $8,000 2,090 6,800 810 270 500 290 LANSING COMPANY Cash Flows from Operating Activities- Indirect Method For Current Year Ended December 31 Cash flows from operating activities: Adjustments to reconcile net income to net cash provided by operations