ST Elantra Merchandising Company Income Statement December 31, 2019 Sales $1,000,000 Less: Cost of Goods Sold NC (498,000) 502,000 Gross Profit Less: Depreciation Expense $65,000 General & Admin Expense 400,000 Loss on Sale of Equipment 2,000 (467,000) Net income $35,000 2. Prepare the Operating Section of an Indirect Statement of Cash Flow from the data. OP 3 ST LIABILITIES Current liabilities: Accounts payable Salary payable 40,500 6.000 $34,700 5,200 46,500 4.000 50,500 39,900 3,200 43,100 Total current liabilities Note payable, long-term Total liabilities OWNER'S EQUITY Leah Jacobs, capital 49,900 $100,400 46,900 $90,000 Total liabilities and owner's equity FO balance sheets and income statement to answer question 2 Use the follow 2018 Elantra Merchandising Company Balance Sheet December 31, 2019 & 2018 ASSETS 2019 $12,000 15,000 42,100 Current assets: 44,100 3,000 Cash Accounts receivable Prepaid rent 4.000 66,100 4,700 3,800 62,600 Inventory Total current assets 16,500 $24,200 Plant assets: Equipment 7,800 8,600 Building 2,300 2,300 Other assets 100,400 $90,000 Total assets ST Elantra Merchandising Company Income Statement December 31, 2019 Sales $1,000,000 Less: Cost of Goods Sold NC (498,000) 502,000 Gross Profit Less: Depreciation Expense $65,000 General & Admin Expense 400,000 Loss on Sale of Equipment 2,000 (467,000) Net income $35,000 2. Prepare the Operating Section of an Indirect Statement of Cash Flow from the data. OP 3 ST LIABILITIES Current liabilities: Accounts payable Salary payable 40,500 6.000 $34,700 5,200 46,500 4.000 50,500 39,900 3,200 43,100 Total current liabilities Note payable, long-term Total liabilities OWNER'S EQUITY Leah Jacobs, capital 49,900 $100,400 46,900 $90,000 Total liabilities and owner's equity FO balance sheets and income statement to answer question 2 Use the follow 2018 Elantra Merchandising Company Balance Sheet December 31, 2019 & 2018 ASSETS 2019 $12,000 15,000 42,100 Current assets: 44,100 3,000 Cash Accounts receivable Prepaid rent 4.000 66,100 4,700 3,800 62,600 Inventory Total current assets 16,500 $24,200 Plant assets: Equipment 7,800 8,600 Building 2,300 2,300 Other assets 100,400 $90,000 Total assets