Exercise 12-4 (Algo) Indirect: Cash flows from operating activities LO P2 The following income statement and additional year-end information is provided. Sales SONAD COMPANY Income Statement For Year Ended December 31 Cost of goods sold. Gross profit Operating expenses $ 2,135,000 1,046,150 1,088,850 Salaries expense Depreciation expense Rent expense Amortization expenses-Patents Utilities expense Gain on sale of equipment Net income Accounts receivable Inventory $292,495 51,240 57,645 6,405 23,485 431,270 657,580 8,540 $ 666,120 $34,800 increase Accounts payable 32,300 increase Salaries payable $ 12,025 decrease 5,850 decrease