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Use the following income statement and information about changes in non-cash current assets and current liabilities to present the cash flows from operating activities using
Use the following income statement and information about changes in non-cash current assets and current liabilities to present the cash flows from operating activities using the indirect method. (List any loss, cash outflow or deduction in cash as negative amounts.) Eyelashes and More Co. Income Statement For Year Ended May 31, 2020 Sales $2,640 Cost of goods sold 1,334 Gross profit $1,306 Operating expenses: Depreciation expense $ 209 other expenses 1.050 Total operating expenses 1,259 Loss on sale of long-term investment 84 Profit (loss) from operations $ (37) Income tax expense 0 Profit (loss) $ (37) Changes in current asset and current liability accounts during the year were as follows. Accounts receivable Inventory Prepaid insurance Accounts payable Accrued liabilities $111 decrease 45 increase 7 increase 35 increase 18 decrease EYELASHES AND MORE CO. Statement of Cash Flows For Year Ended May 31, 2020 Profit loss) Adjustments: 0 $ 0
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