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The condensed income statement for the year ended December 31, 2015, of Evan Corporation appears as follows: Sales 6,200,000 Cost of Goods Sold 3,400,000 Operating
The condensed income statement for the year ended December 31, 2015, of Evan Corporation appears as follows:
Sales | 6,200,000 | |
Cost of Goods Sold | 3,400,000 | |
Operating Expenses (Including depreciation of 205,000) | 1,650,000 | |
Income Taxes | 345,000 | 5,395,000 |
Net Income | $805,000 |
Selected accounts from the companys balance sheets for 2015 and 2014 are as follows:
2015 2014
Accounts Receivable $ 980,000 $750,000
Inventory 315,000 420,000
Prepaid Expenses 87,000 75,000
Accounts Payable 320,000 250,000
Accrued Liabilities 15,000 40,000
Income Taxes Payable 62,000 30,000
Required:
Prepare a schedule of cash flows from operating activities using the indirect method.
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