5 The following income statement and information about changes in noncash current assets and current liabilities are reported. 1.5 points SONAD COMPANY Income Statement For Year Ended December 31, 2015 $1,872,000 917,280 Skipped Sales Cost of goods sold Gross proft Operating expenses eBook 954,720 $256,464 44,928 50,544 Hint Salaries expense Depreciation expense Rent expense Amortization expenses- Print References 5,616 Patents Utilities expense 20,592 378,144 576,576 7,488 Gain on sale of equipment Net income $584,064 Changes in current asset and current liability accounts for the year that relate to operations follow 5 Required: Prepare only the cash flows from operating activities section of the statement of cash flows using the indirect method. (Amounts to be deducted should be indicated with a minus sign.) oints Skipped Statement of Cash Flows (partiall Cash flows from operating activities eBook Hint Print Roferences Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Changes in current operating assets and liabilities Prex 5 of9 Next> Net income 584,064 Changes in current asset and current liability accounts for the year that relate to operations follow. Accounts receivable $35,150 increase Accounts payable $15,025 decrease 2,350 decrease Inventory 12,525 increase Salaries payable Required: Prepare only the cash flows from operating activities section of the statement of cash flows using the indirect method. (Amounts to be deducted should be indicated with 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 Conect.htm Chapter 12 Saved 5 The following income statement and information about changes in noncash current assets and current liabilities are reported. 5 olnts SONAD COMPANY Income Statement For Year Ended December 31, 2015 Skipped Sales Cost of goods sold $1,872,000 917,280 Gross profit Operating expenses 954,720 eBook Hint Print Salaries expense Depreciation expense Rent expense Amortization expenses- $256,464 44,928 50,544 5,616 Patents Utilities expense 20,592 378144 576,576 7,488 Gain on sale of equipment Net income 584,064 Changes in current asset and current liability accounts for the year that relate to operations follow K Prex5 of 9 Nert Accounts receivable $35,150 increase Accounts payable $15,025 decrease 12,525 increase Salaries payable Inventory 2,350 decrease Required: repare only the cash flows from operating activities section of the statement of cash with a flows using the indirect method. (Amounts to be deducted should be indicated minus sign.) ed Statement of Cash Flows (partial) Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operating activities ces Income statement items not affecting cash Changes in current operating assets and liabilities 2,324