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MOSS COMPANY Income Statement For Year Ended December 31, 2021 Sales $ 560,000 Cost of goods sold 349,600 Gross profit 210,400 Operating expenses (excluding depreciation)
MOSS COMPANY | |
---|---|
Income Statement | |
For Year Ended December 31, 2021 | |
Sales | $ 560,000 |
Cost of goods sold | 349,600 |
Gross profit | 210,400 |
Operating expenses (excluding depreciation) | 126,500 |
Depreciation expense | 45,000 |
Income before taxes | 38,900 |
Income taxes expense | 14,300 |
Net income | $ 24,600 |
MOSS COMPANY | ||
---|---|---|
Selected Balance Sheet Information | ||
At December 31 | 2021 | 2020 |
Current assets | ||
Cash | $ 89,150 | $ 31,300 |
Accounts receivable | 29,500 | 41,000 |
Inventory | 64,500 | 55,000 |
Current liabilities | ||
Accounts payable | 39,400 | 30,200 |
Income taxes payable | 2,500 | 3,100 |
Use the information above to calculate cash flows from operating activities using the indirect method.
Note: Amounts to be deducted should be indicated by a minus sign.
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