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Accounting
Sales Cost of goods sold Gross profit SONAD COMPANY Income Statement For Year Ended December 31 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 $ 341,541 59,832 67,311 7,479 27,423 $ 2,493,000 1,221,570 1,271,430 503, 586 767,844 9,972 $777,816 $ 15,950 increase Accounts payable 27,025 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. 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 $ 12,050 decrease 4,550 decrease 10

Sales Cost of goods sold Gross profit SONAD COMPANY Income Statement For Year Ended December 31 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 $ 341,541 59,832 67,311 7,479 27,423 $ 2,493,000 1,221,570 1,271,430 503, 586 767,844 9,972 $777,816 $ 15,950 increase Accounts payable 27,025 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. 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 $ 12,050 decrease 4,550 decrease 10

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 SONAD COMPANY Income Statement For Year Ended December 31 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 $ 341,541 59,832 67,311 7,479 27,423 $ 2,493,000 1,221,570 1,271,430 503,586 767,844 9,972 $ 777,816 $ 15,950 increase Accounts payable 27,025 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. 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 $ 12,050 decrease 4,550 decrease
Transcribed Image Text:Sales Cost of goods sold Gross profit SONAD COMPANY Income Statement For Year Ended December 31 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 $ 341,541 59,832 67,311 7,479 27,423 $ 2,493,000 1,221,570 1,271,430 503,586 767,844 9,972 $ 777,816 $ 15,950 increase Accounts payable 27,025 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. 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 $ 12,050 decrease 4,550 decrease
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