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The income statement and selected balance sheet information for Calendars Incorporated for the year ended December 31 is presented below. Income Statement $77,000 Sales Revenue
The income statement and selected balance sheet information for Calendars Incorporated for the year ended December 31 is presented below. Income Statement $77,000 Sales Revenue Expenses: Cost of Goods Sold Depreciation Expense Salaries and Wages Expense Rent Expense Insurance Expense Interest Expense Utilities Expense 35,500 15,900 9,900 2,400 1,250 1,150 950 Net Income 9,950 Selected Balance Sheet Accounts Ending Beginning Balances Balances Inventory Accounts Receivable Accounts Payable Salaries and Wages Payable Utilities Payable Prepaid Rent Prepaid Insurance S 435 500 1,750 1,310 560 1,460 1,520 305 120 70 60 110 70 Required Prepare the cash flows from operating activities section of the statement of cash flows using the direct method. (Amounts to be deducted should be indicated by a minus sign.)
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