Question
Blaylock Company provided the following partial comparative balance sheets and the income statement for 2016. Blaylock Company Comparative Balance Sheets At December 31, 2015 and
Blaylock Company provided the following partial comparative balance sheets and the income statement for 2016. Blaylock Company Comparative Balance Sheets At December 31, 2015 and 2016 2015 2016 Current assets: Accounts receivable $747,000 $585,000 Inventories 296,000 318,000 Current liabilities Wages payable 699,000 514,000 Blaylock Company Income Statement For the Year Ended December 31, 2016 Revenues $3,010,000 Gain on sale of equipment 104,000 Less: Cost of goods sold (1,918,000) Less: Depreciation expense (276,000) Less: Interest expense (12,500) Net income $907,500 Compute operating cash flows using the indirect method.
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