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King Company has provided the following information taken from its current financial statements to assist you in preparing its statement of cash flows. Additional Resources
King Company has provided the following information taken from its current financial statements to assist you in preparing its statement of cash flows.
Additional Resources
Cost of Goods Sold $481,600 Decrease in Accounts Receivable 6,500 Decrease in Merchandise Inventory 7,800 Depreciation Expense 7,500 Increase in Accounts Payable 8,400 Increase in Income Taxes Payable 7,600 Increase in Prepaid Expenses 6,100 Interest Expense 14,390 Net Income 143,620 Operating Expenses 137,700 Sales 828,000 Tax Expense 50,690
Required:
For the statement of cash flows, cash from operating activities, direct method, compute the following:
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