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Portions of the financial statements for Sunset Telecom are provided below: SUNSET TELECOM Income Statement For the Year Ended December 31, 2024 Revenues Expenses: Cost of goods sold Operating expenses Depreciation expense Income tax expense Total expenses Net Income SUNSET TELECOM Selected Balance Sheet Data December 31, 2024 accounts receivable $361,000 112,000 35,000 55,000 Increase in Increase in inventory Decrease in prepaid rent Increase in operating expenses payable Decrease in accounts payable Increase in income tax payable $618,000 SUNSET TELECOM Statement of Cash Flows 563,000 $55,000 $5,700 11,300 10,500 5,200 6,100 20,200 Required: Prepare the operating activities section of the statement of cash flows for Sunset Telecom using the indirect method. (Amounts to be deducted and negative values should be indicated by a minus sign.)

Portions of the financial statements for Sunset Telecom are provided below: SUNSET TELECOM Income Statement For the Year Ended December 31, 2024 Revenues Expenses: Cost of goods sold Operating expenses Depreciation expense Income tax expense Total expenses Net Income SUNSET TELECOM Selected Balance Sheet Data December 31, 2024 accounts receivable $361,000 112,000 35,000 55,000 Increase in Increase in inventory Decrease in prepaid rent Increase in operating expenses payable Decrease in accounts payable Increase in income tax payable $618,000 SUNSET TELECOM Statement of Cash Flows 563,000 $55,000 $5,700 11,300 10,500 5,200 6,100 20,200 Required: Prepare the operating activities section of the statement of cash flows for Sunset Telecom using the indirect method. (Amounts to be deducted and negative values should be indicated by a minus sign.)

Auditing: A Risk Based-Approach to Conducting a Quality Audit
Auditing: A Risk Based-Approach to Conducting a Quality Audit
10th Edition
ISBN:9781305080577
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Chapter14: Activities Required In Completing A Quality Audit
Section: Chapter Questions
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Portions of the financial statements for Sunset Telecom are provided below: SUNSET TELECOM Income Statement For the Year Ended December 31, 2024 Revenues Expenses: Cost of goods sold Operating expenses Depreciation expense Income tax expense Total expenses Net Income $361,000 112,000 35,000 55,000 SUNSET TELECOM Selected Balance Sheet Data December 31, 2024 Increase in accounts receivable Increase in inventory Decrease in prepaid rent Increase in operating expenses payable Decrease in accounts payable Increase in income tax payable $618,000 SUNSET TELECOM Statement of Cash Flows For the year ended December 31, 2024 563,000 $55,000 $5,700 11,300 10,500 5,200 6,100 20,200 Required: Prepare the operating activities section of the statement of cash flows for Sunset Telecom using the indirect method. (Amounts to be deducted and negative values should be indicated by a minus sign.)
Transcribed Image Text:Portions of the financial statements for Sunset Telecom are provided below: SUNSET TELECOM Income Statement For the Year Ended December 31, 2024 Revenues Expenses: Cost of goods sold Operating expenses Depreciation expense Income tax expense Total expenses Net Income $361,000 112,000 35,000 55,000 SUNSET TELECOM Selected Balance Sheet Data December 31, 2024 Increase in accounts receivable Increase in inventory Decrease in prepaid rent Increase in operating expenses payable Decrease in accounts payable Increase in income tax payable $618,000 SUNSET TELECOM Statement of Cash Flows For the year ended December 31, 2024 563,000 $55,000 $5,700 11,300 10,500 5,200 6,100 20,200 Required: Prepare the operating activities section of the statement of cash flows for Sunset Telecom using the indirect method. (Amounts to be deducted and negative values should be indicated by a minus sign.)
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