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The following data are summarized from the income statement of More. Inc.. for the year ended December 31, 2022. MORE, INC. Income Statement Year Ended
The following data are summarized from the income statement of More. Inc.. for the year ended December 31, 2022. MORE, INC. Income Statement Year Ended December 31, 2022 Sales 700,000 Cost of Goods Sold 330,000 Gross Profit on Sales 370,000 Operating Expenses Depreciation 20,500 Other Selling Expenses 160,000 Other Administrative Expenses 92,500 273,000 Net Income from Operations 97,000 Bond Interest Expense Cash Interest 20,000 Amortization of Discount on Bonds Payable 3,000 23,000 Net Income for Year 74,000 Required: Using these data and ignoring changes in current assets, current liabilities, and income taxes, prepare a schedule of cash flows from operating activities for the year. MORE, INC. Statement of Cash Flows Year Ended December 31, 2022 Cash flows from operating activities Adjustments to reconcile net income to cash used in operating activities: Total adjustments
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