I ne following income statement and additional year-end information is provided.SONAD COMPANYIncome StatementFor Year Ended December 31SalesCost of goods soldGross profitOperating expensesSalaries expenseDepreciation expenseRent expenseAmortization expenses-PatentsUtilities expenseGain on sale of equipmentNet income$333,04758,34465,6377,29326,741$ 2,431,0001,191,1901,239,810491,062748,7489,724$ 758,472Accounts receivable$ 48,900 increase Accounts payable28,550 increase Salaries payable$ 9,950 decrease1,850 decreaseInventoryPrepare the operating activities section of the statement of cash flows using the indirect method.Note: Amounts to be deducted should be indicated with a minus sign.Statement of Cash Flows (partial)Changes in current operating assets and liabilitiesCash flows from operating activitiesFINDERENAdjustments to reconcile net income to net cash provided by operating activitiesIncome statement items not affecting cash$0

Name: I ne following income statement and additional year-end information i
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Description: I ne following income statement and additional year-end information is provided.SONAD COMPANYIncome StatementFor Year Ended December 31SalesCost of goods soldGross profitOperating expensesSalaries expenseDepreciation expenseRent expenseAmortization

Introduction:-The cash flow statement is classified into three types as follows under:-(i) Cash…

Business

Accounting

I ne following income statement and additional year-end information is provided. SONAD COMPANY Income Statement For Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses Salaries expense Depreciation expense Rent expense Amortization expenses-Patents Utilities expense Gain on sale of equipment Net income Accounts receivable Inventory $ Cash flows from operating activities $ 333,047 58,344 65,637 7,293 26,741 $ 2,431,000 1,191,190 1,239,810 491,062 748,748 9,724 $ 758,472 $ 48,900 increase Accounts payable 28,550 increase Salaries payable Prepare the operating activities section of the statement of cash flows using the indirect method. Note: Amounts to be deducted should be indicated with a minus sign. Statement of Cash Flows (partial) Changes in current operating assets and liabilities Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash $ 9,950 decrease 1,850 decrease $ 0

I ne following income statement and additional year-end information is provided. SONAD COMPANY Income Statement For Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses Salaries expense Depreciation expense Rent expense Amortization expenses-Patents Utilities expense Gain on sale of equipment Net income Accounts receivable Inventory $ Cash flows from operating activities $ 333,047 58,344 65,637 7,293 26,741 $ 2,431,000 1,191,190 1,239,810 491,062 748,748 9,724 $ 758,472 $ 48,900 increase Accounts payable 28,550 increase Salaries payable Prepare the operating activities section of the statement of cash flows using the indirect method. Note: Amounts to be deducted should be indicated with a minus sign. Statement of Cash Flows (partial) Changes in current operating assets and liabilities Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash $ 9,950 decrease 1,850 decrease $ 0

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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