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The following three statements relate to Sterling Co. $x Income Statement For Year Ended December 31, 2020 Sales revenue. Cost of goods sold Depreciation expense.
The following three statements relate to Sterling Co. $x Income Statement For Year Ended December 31, 2020 Sales revenue. Cost of goods sold Depreciation expense. Salaries..... Other operating expenses Interest expense. Gain on sale of equipment Loss on bond retirement.. Income tax expense Net income $x Net Cash Flows from Operating Activities, Direct Method For Year Ended December 31, 2020 Collections from customers Payments to suppliers Payments for salaries. Payments for other operating expenses. Payments for interest Payments for income tax Net cash provided by operating activities. $165,000 (88,000) (35,900) (4,900) (6,000) (6,100) $ 24,100 Net Cash Flows from Operating Activities, Indirect Method For Year Ended December 31, 2020 Net income Adjustments: Depreciation expense Gain on sale of equipment Loss on bond retirement.. Amortization of bond discount. Increase in accounts receivable, net. Increase in inventory. Increase in prepaid rent Increase in accounts payable Decrease in salaries payable Increase in income taxes payable. Net cash provided by operating activities. 8,000 (18,000) 1,000 100 (29,000) (10,000) (2,000) 12,000 000) 6,000 4 Required Determine the missing amounts indicated by an x in the statements above
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