Question
8. Following are the income statement and other information for Zambrano Corporation. Zambrano Corporation Income Statement For the Year Ended December 31, 20x5 Sales $6,000
8. Following are the income statement and other information for Zambrano Corporation. Zambrano Corporation Income Statement For the Year Ended December 31, 20x5 Sales $6,000 Cost of goods sold 3,000 Gross margin $3,000 Operating expenses $1,200 Depreciation expense 600 1,800 Income before income taxes $ 1,200 Income taxes expense 300 Net income $ 900 Accounts receivable (net) decreased by $1,500 during the year. Inventory increased by $900, and Accounts Payable decreased by $1,200 during the year. Income Taxes Payable increased by $300 during the year. (10 points) Prepare a schedule of cash flows from operating activities using the indirect method.
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