the following income statement and additional year-end information is provided

question #2

The following income statement and additional year-end information is provided. SONAD COMPANY Income Statement For Year Ended December 31 Sales Cost of goods sold Groan profit Operating expenses Salaries expense $291,125 Depreciation expense 51,000 Rent expense 57,375 Amortization expenses-Patents 6,375 Utilities expense 23,375 $2,125,000 1,041,250 1,083,750 Gain on sale of equipment Net Income 429, 250 654,500 8,500 $ 663,000 Accounts receivable Inventory $46,400 increase 17,000 increase Accounts payable Salaries payable $11,475 decrease 1,900 decrease Prepare the operating activities section of the statement of cash flows using the indirect method. (Amounts to be deducted should Indicated with a minus sign.) Statement of Cash Flows (partial) Cash flows from operating activities Not Income Adjustments to reconcile not income to net cash provided by operating activities Income statement items not affecting cash Changes in current operating assets and liabilities Saved Gain on sale of equipment Net income 8,500 663,000 $ Accounts receivable Inventory $46,400 increase 17,000 increase Accounts payable Salaries payable $11,475 decrease 1,900 decrease Prepare the operating activities section of the statement of cash flows using the Indirect method. (Amounts to be dede indicated with a minus sign.) Statement of Cash Flows (partial) Cash flows from operating activities Net income Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Changes in current operating assets and liabilities Mayweather reports net income of $310,000 for the year ended December 31. It also reports $96,300 depreciation expense and a $10,300 loss on the sale of equipment. Its comparative balance sheet reveals a $41,400 Increase in accounts receivable, a $10,500 decrease in prepaid expenses, a $15,700 Increase in accounts payable, a $12,900 decrease in wages payable, a $77.200 Increase in equipment, and a $103,000 decrease in notes payable. Calculate the net increase in cash for the year. Multiple Choice O $200,300 O $2.200 O $218.600 $388,500 $285,500