Question
Following are the income statement and other information for Knox Corporation. Knox Corporation Income Statement For the Year Ended December 31, 20xx Sales $3,000 Cost
Following are the income statement and other information for Knox Corporation. Knox Corporation Income Statement For the Year Ended December 31, 20xx Sales $3,000 Cost of goods sold 1,500 Gross margin $1,500 Operating expenses $600 Depreciation expense 300 900 Income before income taxes $ 600 Income taxes expense 150 Net income $ 450 During the year, Accounts receivable (net) decreased by $750 Inventory increased by $450 Accounts Payable decreased by $600 Income Taxes Payable increased by $150 Using the information provided prepare the Schedule of Cash Flows from Operating Activities using the indirect method.
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