Accounting 11.10 Name Based on the following income sta Corporation, determine the cash flows from method. (10 points) Date d on the following income statement and balance sheet for Rashid on, determine the cash flows from operating activities using the indirect Rashid Corporation Income Statement For Year Ended December 31, 2019 Sales............ $504,000 * Cost of goods sold............. $327,600 Depreciation expense....... 42.000 Other operating expenses. 125.500 (495.100 Other gains (losses): Gain on sale of equipment.. 7.200 Income before taxes. $ 16.100 Income tax expense.. (4.800 Net income........ S 11.300 Rashid Corporation Balance Sheets At December 31 Assets 2019 Cash $ 64,650 Accounts receivable....... 21.000 Inventory... 58,000 Equipment... 240,000 Accumulated depreciation..... (106,000 Total assets.. $277,650 * 2019 $ 55,800 29.000 52.100 222,000 (96.000 ) $262.900 $ 28,400 1.050 $ 29,450 $ 23,700 1.200 $ 24,900 Liabilities: * Accounts payable.. Income taxes payable......... Total liabilities Equity: Common stock... Contributed Capital in excess of par value Retained earnings. Total equity.............. Total liabilities and equity.......... $106.000 18.000 124.200 $248.200 $277,650 $106,000 18.000 114.000 $238.000 $262.900 Rashid corporann statement of conflows for yearended December 31, 2019