SONAD COMPANY Income Statement For Year Ended December 31, 2017 6 Sales Cost of goods sold Gross profit Operating expenses $1,646,ee0 806, 540 839,460 Salaries expense Depreciation expense Rent expense Amortization expenses-Patents Utilities expense $225,502 39, 504 44,442 4,938 18,106 3.12 polnts 332,492 506,968 6,584 $ 513,552 01:41:24 Gain on sale of equipment Net income eBook Changes in current asset and current liability accounts for the year that relate to operations follow. Accounts receivable Inventory $33,350 increase 22,725 increase Accounts payable Salaries payable References $11,125 decrease 1,200 decrease Required Prepare only the cash flows from operating activities section of the statement of cash flows using the indirect method. (Amounts to be deducted should be indicated with a minus sign.) Statement of Cash Flows (partial) Cash flows from operating activities Net income $ 513,552 Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Depreciation expense Amortization expense-Patents Gain on sale of equipment 39,504 4,938 6,584 Changes in current operating assets and liabilities Increase in accounts receivable Decrease in accounts payable Increase in inventory Decrease in salaries navable (33,350) (11,125) (22,725) 1 200