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The following information pertains to Guys Gear Company: Sales $ 70,000 Expenses: Cost of Goods Sold $ 45,000 Depreciation Expense 5,000 Salaries and Wages Expense
The following information pertains to Guys Gear Company:
Sales | $ | 70,000 | ||||
Expenses: | ||||||
Cost of Goods Sold | $ | 45,000 | ||||
Depreciation Expense | 5,000 | |||||
Salaries and Wages Expense | 11,000 | 61,000 | ||||
Net Income | $ | 9,000 | ||||
Accounts Receivable Decrease | $ | 3,000 | ||||
Inventory Increase | 7,000 | |||||
Salaries and Wages Payable Increase | 650 | |||||
Required:
Present the operating activities section of the statement of cash flows for Guys Gear Company using the indirect method. (Amounts to be deducted should be indicated with a minus sign.)
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