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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

FINANCIAL ACCOUNTING
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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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
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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