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Question 2 Using the below data, calculate operating cash flows using the direct method. Income statement 2020 Sales 1,750,000.00 COGS 250,000.00 Depreciation expense 150,000.00 Sales,

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Question 2 Using the below data, calculate operating cash flows using the direct method. Income statement 2020 Sales 1,750,000.00 COGS 250,000.00 Depreciation expense 150,000.00 Sales, General, Admin expense 53,000.00 R&D Expense 69,000.00 Wages and salary expense 14,400.00 Other operating expenses 75,000.00 EBIT 1,138,600.00 Interest expense 36,000.00 EBT 1,102,600.00 Income tax expense 664,000.00 Net Income 438,600.00 Balance sheet 2019 2020 400,000.00 150,300.00 90,000.00 17,000.00 657,300.00 1,000,000.00 200,000.00 1,457,300.00 375,000.00 124,000.00 92,000.00 15,400.00 606,400.00 1,414,000.00 350,000.00 1,670,400.00 Assets Cash A/R Inventory Other current assets Current assets total Fixed assets Accumulated depreciation Total Assets Liabilities Accounts Payable Salary and Wages Payable Income tax payable Other current liabilities Total Current Liabilities Long Term Debt Common Stock Retained Earnings Total Shareholders Equity Total Liabilities and Shareholders Equity 136,000.00 60,000.00 10,000.00 14,000.00 220,000.00 133,000.00 504,300.00 600,000.00 1,104,300.00 1,457,300.00 136,500.00 65,000.00 9,500.00 15,000.00 226,000.00 140,000.00 541,900.00 762,500.00 1,304,400.00 1,670,400.00

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