Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I have most of it but there are some parts that i cant seem to find out. The Ullowing come statement au duunioriaryear-enu mommation is

I have most of it but there are some parts that i cant seem to find out.

image text in transcribed

The Ullowing come statement au duunioriaryear-enu mommation is provideu: $1,828,000 991,000 837, 000 SONAD COMPANY Income Statement For Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses Salaries expense $245,535 Depreciation expense 44,200 Rent expense 49,600 Amortization expenses-Patents 4,200 Utilities expense 18, 125 361,660 475, 340 6, 200 481,540 Gain on sale of equipment Net income Accounts receivable Inventory $30, 500 increase 25,000 increase Accounts payable Salaries payable $12,500 decrease 3,500 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 $ 481,5401 Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Depreciation expense 44,200 Amortization expense-Patents 4,200 Gain on sale of equipment (6,200) Increase in accounts receivable (30,500) Changes in current operating assets and liabilities Increase in inventory (25,000) Decrease in accounts payable (12,500) Decrease in salaries payable (3,500) $ 452,240

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Creative And Innovative Auditing

Authors: Jeffrey Ridley

1st Edition

1472474627, 9781472474629

More Books

Students also viewed these Accounting questions