Question
Good evening, please follow the instructions and complete the question thoroughly, this is due tonight. Please do help and answer asap! Thank you! The following
Good evening, please follow the instructions and complete the question thoroughly, this is due tonight. Please do help and answer asap! Thank you!
The following income statement and additional year-end information is provided. SONAD COMPANY Income Statement For Year Ended December 31 Sales $ 1,900,000 Cost of goods sold 931,000 Gross profit 969,000 Operating expenses Salaries expense $ 260,300 Depreciation expense 45,600 Rent expense 51,300 Amortization expensesPatents 5,700 Utilities expense 20,900 383,800 585,200 Gain on sale of equipment 7,600 Net income $ 592,800 Accounts receivable $ 30,000 increase Accounts payable $ 11,075 decrease Inventory 39,575 increase Salaries payable 4,350 decrease Prepare the operating activities section of the statement of cash flows using the indirect method. (Amounts to be deducted should be indicated with a minus sign.) Statement of Cash Flows (partial)
Cash flows from operating activities | |
Net income | |
Adjustments to reconcile net income to net cash provided by operating activities | |
Income statements items not affecting cash | |
Changes in current operating assets and liabilities | |
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