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In 2019, Brice Corporation reported the following information: Income Statement Sales Revenue $ 8,200,000 Cost of goods sold 6,400,000 Gross profit 1,800,000 Operating expenses (includes
In 2019, Brice Corporation reported the following information: Income Statement Sales Revenue $ 8,200,000 Cost of goods sold 6,400,000 Gross profit 1,800,000 Operating expenses (includes $200,000 depreciation expense, $50,000 amortization expense, and a loss on sale of equipment of $12,000) 1,250,000 Pretax income 550,000 Income tax expense (30% rate) 165,000 Net Income $385,000 Balance Sheet - partial listing of current assets and current liabilities 2019 2018 Accounts receivable $ 800,000 $ 600,000 Inventory 520,000 480,000 Prepaid expenses 110,000 120,000 Accounts payable 340,000 310,000 Accrued liabilities 80,000 90,000 Income taxes payable 25,000 40,000 Unearned revenue 100,000 200,000 Required: Compute the amount of net cash flow from operating activities for 2019 using the indirect method. B I v S IX E III X x? Insert Formula
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