Question 11 , fill in table (income statement)

The following schedule relates the income statement with cash flows from operating activities, derived by both the direct and indirect methods. The amounts for income statement elements are missing. Cash Flows from Operating Activities Income Statement Indirect Method Direct Method Net income $ ? Adjustments: Sales $? Decrease in accounts receivable Cost of goods sold 7 21 Cash received from customers $ 721 Increase in inventory (42) Decrease in accounts payable (55) Cash paid to suppliers (517) Salaries expense ? Increase in salaries payable 22 Cash paid to employees (47) Depreciation expense Depreciation expense 28 Insurance expense (Not reported-no cash effect) ? Loss on sale of Land Decrease in prepaid insurance 29 ? Loss on sale of land Cash paid for insurance (25) 25 Income tax expense ? Increase in income tax payable (Not reported-no cash effect) 25 Cash paid for income taxes (45) Net income Net cash flows from operating activities $ 87 Net cash flows from operating activities $ 87 Required: Deduce the missing amounts and prepare the income statement. income Statement 0