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MOSS COMPANY Selected Balance Sheet Information December 31, 2017 and 2016 2017 2016 Current assets Cash $ 91,650 $ 33,800 Accounts receivable 32,000 46,000 Inventory
MOSS COMPANY Selected Balance Sheet Information December 31, 2017 and 2016 | |||||
2017 | 2016 | ||||
Current assets | |||||
Cash | $ | 91,650 | $ | 33,800 | |
Accounts receivable | 32,000 | 46,000 | |||
Inventory | 67,000 | 55,500 | |||
Current liabilities | |||||
Accounts payable | 44,400 | 32,700 | |||
Income taxes payable | 2,750 | 3,600 | |||
MOSS COMPANY Income Statement For Year Ended December 31, 2017 | |||||
Sales | $ | 554,000 | |||
Cost of goods sold | 359,600 | ||||
Gross profit | 194,400 | ||||
Operating expenses | |||||
Depreciation expense | $ | 50,000 | |||
Other expenses | 129,000 | 179,000 | |||
Income before taxes | 15,400 | ||||
Income taxes expense | 8,800 | ||||
Net income | $ | 6,600 | |||
Use the information above to calculate this companys cash flows from operating activities using the indirect method. (Amounts to be deducted should be indicated by a minus sign.)
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