Question
Felix Skateboards Company uses the indirect method to prepare the statement of cash flows. Refer to the following income statement: Felix Company Income Statement Year
Felix Skateboards Company uses the indirect method to prepare the statement of cash flows. Refer to the following income statement:
Felix Company
Income Statement
Year Ended December 31, 2017
Sales Revenue | $250,000 |
|
Interest Revenue | 2,200 |
|
Gain on Sale of Plant Assets | 5,100 |
|
Total Revenues and Gains |
| $257,300 |
Cost of Goods Sold | 124,000 |
|
Salary Expense | 41,000 |
|
Depreciation Expense | 14,000 |
|
Other Operating Expenses | 23,000 |
|
Interest Expense | 1,900 |
|
Income Tax Expense | 5,200 |
|
Total Expenses |
| 209,100 |
Net Income (Loss) |
| $48,200 |
|
|
|
Additional information provided by the company includes the following:
1. Current assets, other than cash, increased by $20,000.
2. Current liabilities decreased by $1,500.
Compute the net cash provided by (used for) operating activities.
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