Accounting, Analysis, and Principles (Part Level Submission) The income statement for the year ended December 31, 2017, for Sweet Manufacturing Company contains the following condensed information. SWEET CO. INCOME STATEMENT Revenues $6,587,000 Operating expenses (excluding depreciation) $4,924,000 Depreciation expense 874,000 5,798,000 Income before income tax 789,000 Income tax expense 355,050 Net Income $ 433,950 Included in operating expenses is a $35,000 loss resulting from the sale of machinery for $274,000 cash. The company purchased machinery at a Sweet reports the following balances on its comparative balance sheets at December 31. SWEET CO. COMPARATIVE BALANCE SHEETS (PARTIAL) 2017 2016 Cash $668,950 $134,000 Accounts receivable 789,000 614,000 Inventory 836,000 875,000 Accounts payable 527,000 515,000 Income tax expense of $355,050 represents the amount paid in 2017. Dividends declared and paid in 2017 totaled $214,000. Prepare the statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a SWEET COMPANY Statement of Cash Flows Adjustments to reconcile net income to | Show Work is REQUIRED for this question: Open Show Work Accounting, Analysis, and Principles (Part Level Submission) The income statement for the year ended December 31, 2017, for Sweet Manufacturing Company contains the following condensed information SWEET CO. INCOME STATEMENT Revenues $6,587,000 Operating expenses (excluding depreciation) $4,924,000 Depreciation expense 874,000 5,798,000 Income before income tax 789,000 Income tax expense 355,050 Net Income 433,950 Included in operating expenses is a $35,000 loss resulting from the sale of machinery for $274,000 cash. The company purchased machinery at a cost of $744,000. Sweet reports the following balances on its comparative balance sheets at December 31. SWEET CO. COMPARATIVE BALANCE SHEETS (PARTIAL) 2017 2016 Cash $668,950 $134,000 Accounts receivable 789,000 614,000 Inventory 836,000 875,000 Accounts payable 527,000 515,000 Income tax expense of $355,050 represents the amount paid in 2017. Dividends declared and paid in 2017 totaled $214,000. Accounting, Analysis, and Principles (Part Level Submission) The income statement for the year ended December 31, 2017, for Sweet Manufacturing Company contains the following condensed information. SWEET CO. INCOME STATEMENT Revenues $6,587,000 Operating expenses (excluding depreciation) $4,924,000 Depreciation expense 874,000 5,798,000 Income before income tax 789,000 Income tax expense 355,050 Net Income $ 433,950 Included in operating expenses is a $35,000 loss resulting from the sale of machinery for $274,000 cash. The company purchased machinery at a Sweet reports the following balances on its comparative balance sheets at December 31. SWEET CO. COMPARATIVE BALANCE SHEETS (PARTIAL) 2017 2016 Cash $668,950 $134,000 Accounts receivable 789,000 614,000 Inventory 836,000 875,000 Accounts payable 527,000 515,000 Income tax expense of $355,050 represents the amount paid in 2017. Dividends declared and paid in 2017 totaled $214,000. Prepare the statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a SWEET COMPANY Statement of Cash Flows Adjustments to reconcile net income to | Show Work is REQUIRED for this question: Open Show Work Accounting, Analysis, and Principles (Part Level Submission) The income statement for the year ended December 31, 2017, for Sweet Manufacturing Company contains the following condensed information SWEET CO. INCOME STATEMENT Revenues $6,587,000 Operating expenses (excluding depreciation) $4,924,000 Depreciation expense 874,000 5,798,000 Income before income tax 789,000 Income tax expense 355,050 Net Income 433,950 Included in operating expenses is a $35,000 loss resulting from the sale of machinery for $274,000 cash. The company purchased machinery at a cost of $744,000. Sweet reports the following balances on its comparative balance sheets at December 31. SWEET CO. COMPARATIVE BALANCE SHEETS (PARTIAL) 2017 2016 Cash $668,950 $134,000 Accounts receivable 789,000 614,000 Inventory 836,000 875,000 Accounts payable 527,000 515,000 Income tax expense of $355,050 represents the amount paid in 2017. Dividends declared and paid in 2017 totaled $214,000
