Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Options: Amortization expensesPatents Cost of goods sold Depreciation expense Gain on sale of equipment Payments for inventory Payments for rent Payments for salaries Payments for

image text in transcribedOptions:

Amortization expensesPatents

Cost of goods sold

Depreciation expense

Gain on sale of equipment

Payments for inventory

Payments for rent

Payments for salaries

Payments for utilities

Receipts from customers

Rent expense

Salaries expense

Sales

Utilities expense

Options for last row:

Net cash provided by financing activities

Net cash provided by investing activities

Net cash provided by operating activities

Net cash used in financing activities

Net cash used in investing activities

Net cash used in operating activities

The following income statement along with additional year-end information about changes in noncash current assets and current liabilities are reported. SONAD COMPANY Income Statement For Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses $1,536,e9e 752,648 783,368 Salaries expense Depreciation expense Rent expense Amortization expenses-Patents Utilities expense $218,432 36,864 41,472 4,688 16,896 Gain on sale of equipment Net income 473,888 6,144 $ 479,232 Additional Year-End Balance Sheet Data Accounts receivable Inventory Accounts payable Salaries payable $34,858 increase 17,475 increase 14,175 decrease 5,788 decrease Use the direct methodto prepare only the cash provided or used by operating activities section of the statement of cash flows for this company. (Amounts to be deducted shuld be indicated with a minu$ sign.) t of C Flows (Par Cash flows from operating activities

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_2

Step: 3

blur-text-image_3

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

Financial Accounting Reporting Analysis And Decision Making

Authors: Shirley Carlon, Rosina Mladenovic Mcalpine, Chrisann Palm, Lorena Mitrione, Ngaire Kirk, Lily Wong

5th Edition

0730313743, 978-0730313748

More Books

Students also viewed these Accounting questions