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please format to the table above Following are the income statement and some additional information for Carolina Consulting Company. Carolina Consulting Company Income Statement For
please format to the table above
Following are the income statement and some additional information for Carolina Consulting Company. Carolina Consulting Company Income Statement For the Year Ended December 31, 2021 Net sales $18,000 Cost of goods sold (3,100) Gross margin 14,900 Operating expenses $3,600 Depreciation expense 1,700 (5,300) Income before taxes 9,600 Income taxes (3,200) Net income $ 6,400 All sales were on credit and accounts receivable decreased by $1,060 in 2021 compared to 2020. Merchandise purchases were on credit with a decrease in accounts payable of $860 during the year. Ending inventory was $660 larger than beginning inventory. Income taxes payable increased $460 during the year. All operating expenses were paid for in cash. Required: Prepare the cash flows from operating activities section of the statement of cash flows using the direct method. (Amounts to be deducted should be indicated with a minus sign.) Cash flows from operating activities: Net cash flows from operating activitiesStep by Step Solution
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