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Portions of the financial statements for Avatar Technologies are provided below. AVATAR TECHNOLOGIES Income Statement For the Year Ended December 3 1 , 2 0
Portions of the financial statements for Avatar Technologies are provided below.
AVATAR TECHNOLOGIES
Income Statement
For the Year Ended December
Net sales $
Expenses:
Cost of goods sold $
Operating expenses
Depreciation expense
Income tax expense
Total expenses
Net income $
AVATAR TECHNOLOGIES
Selected Balance Sheet Data
December compared to December
Decrease in accounts receivable $
Increase in inventory
Decrease in prepaid rent
Increase in salaries payable
Decrease in accounts payable
Increase in income tax payable
Required:
Prepare the operating activities section of the statement of cash flows for Avatar Technologies using the direct method. Amounts to be deducted should be indicated with a minus sign.
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