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The following income statement and information about changes in noncash current assets and current liabilities are reported. $1,800,000 882,000 918,000 SONAD COMPANY Income Statement For
The following income statement and information about changes in noncash current assets and current liabilities are reported. $1,800,000 882,000 918,000 SONAD COMPANY Income Statement For Year Ended December 31, 2017 Sales Cost of goods sold Gross profit Operating expenses Salaries expense $ 246,600 Depreciation expense 43,200 Rent expense 48,600 Amortization expenses-Patents 5, 400 Utilities expense 19,800 Gain on sale of equipment Net income 363,600 554,400 7,200 561,600 $ Changes in current asset and current liability accounts for the year that relate to operations follow. $ 15,925 decrease Accounts receivable Inventory $23, 450 increase 18,650 increase Accounts payable salaries payable 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 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
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