ACCT 765 - Accounting & Reporting
Spring Quarter 2019
Student Name
Question No. 1 (35 points)
2018 Income Statement ($ in thousands)
Sales revenue	$ 5,000
Depreciation expense	280
	3,720
Selling & administrative expenses	4,000
Income before taxes	1,000
Income tax expense	300
Net income	$ 700
Balance Sheet (all $ in thousands)	12/31/2018	12/31/2017
Cash	$ 800	$ 750
Accounts receivable	450	365
Property, plant & equipment	1,900	1,450
Less: Accumulated depreciation	(800)	(520)
	$ 2,350	$ 2,045
Accrued liabilities for selling & administration expenses	300	325
Income taxes payable	180	130
Common stock	700	700
Retained earnings	1,170	890
	$ 2,350	$ 2,045
Required:
In the space provided below, determine the cash flow from operating activities for Anyonebutamazon Co., using the direct method