Sales Cost of goods sold Gross profit Operating expenses SONAD COMPANY Income Statement For Year Ended December 31 Salaries expense Depreciation expense Rent expense Amortization expenses-Patents Utilities expense Gain on sale of equipment Net income $ 267,698 46,896 Cash flows from operating activities 52,758 5,862 21,494 $ 1,954,000 957,460 996,540 $ 45,400 increase Accounts payable. 14,550 increase Salaries payable Accounts receivable. Inventory. 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. 394,708 601,832 7,816 $ 609,648 Changes in current operating assets and liabilities Statement of Cash Flows (partial) Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash $ 13,275 decrease 5,600 decrease 0
Sales Cost of goods sold Gross profit Operating expenses SONAD COMPANY Income Statement For Year Ended December 31 Salaries expense Depreciation expense Rent expense Amortization expenses-Patents Utilities expense Gain on sale of equipment Net income $ 267,698 46,896 Cash flows from operating activities 52,758 5,862 21,494 $ 1,954,000 957,460 996,540 $ 45,400 increase Accounts payable. 14,550 increase Salaries payable Accounts receivable. Inventory. 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. 394,708 601,832 7,816 $ 609,648 Changes in current operating assets and liabilities Statement of Cash Flows (partial) Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash $ 13,275 decrease 5,600 decrease 0
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Subject :- Accoumting
![Sales
Cost of goods sold
Gross profit
Operating expenses
SONAD COMPANY
Income Statement
For Year Ended December 31
Salaries expense
Depreciation expense
Rent expense
Amortization expenses-Patents
Utilities expense
Gain on sale of equipment
Net income
$ 267,698
46,896
52,758
5,862
21,494
$ 1,954,000
957,460
996,540
394,708
601,832
7,816
$ 609,648
$ 45,400 increase Accounts payable
14,550 increase Salaries payable
$ 13,275 decrease
5,600 decrease
Accounts receivable.
Inventory
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
Cash flows from operating activities
Adjustments to reconcile net income to net cash provided by operating activities
Income statement items not affecting cash
$
0](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd7b6ce77-7d1f-42c7-90fc-6e082dc1db1b%2F47a0a1df-b8c7-4b98-a255-f1c0698f340d%2Fn6tjlpd_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Sales
Cost of goods sold
Gross profit
Operating expenses
SONAD COMPANY
Income Statement
For Year Ended December 31
Salaries expense
Depreciation expense
Rent expense
Amortization expenses-Patents
Utilities expense
Gain on sale of equipment
Net income
$ 267,698
46,896
52,758
5,862
21,494
$ 1,954,000
957,460
996,540
394,708
601,832
7,816
$ 609,648
$ 45,400 increase Accounts payable
14,550 increase Salaries payable
$ 13,275 decrease
5,600 decrease
Accounts receivable.
Inventory
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
Cash flows from operating activities
Adjustments to reconcile net income to net cash provided by operating activities
Income statement items not affecting cash
$
0
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