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Below is the income statement for Sun Devil Company for the year ending December 31, 20x2: Net Sales: 500,000 Determine Cash Flows from Operating Activities:
Below is the income statement for Sun Devil Company for the year ending December 31, 20x2:
Net Sales: 500,000
Determine Cash Flows from Operating Activities:
$164,000
$104,000
$114,000
$94,000
Cost of Goods Sold: Beginning Inventory $ 50,000 Purchases 300.000 Goods Available for Sale 350,000 Ending Inventory_ 40,000 Cost of Goods Sold 310,000 Gross Profit. $190,000 Operating Expenses: Wages $35,000 Depreciation 30,000 Advertising 15,000 Administrative 5.000 $85,000 Income from Operations $105,000 Gain on Sale of Equipment 50,000 Net Income $155,000 The following balances were derived from the balance sheet: December 31 20x2 20x1 Accounts Receivable $100,000 $ 90,000 Accounts Payable 30,000 50,000 Prepaid Advertising Expense 5,000 3,000 Wages Payable 5,000 4,000Step by Step Solution
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