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SONAD COMPANY Income Statement For Year Ended December 31 $2,225,eee 1,e9e, 250 es of goods sold Es profit rating expenses elaries expense epreciation expense ent expense nortization expenses-Patents cilities expense 1,134,75e $304, 825 53,400 68,875 6,675 24,475 449,450 - on sale of equipment 685,300 8,90e income $ 694, 200 $41,65e increase 29,875 increase ACcounts payable salaries payable ounts receivable entory re the operating activitles section of the statement of cash flows ated with a minus sign.) Answer is not complete. Statement of Cash Flows (partial)

SONAD COMPANY Income Statement For Year Ended December 31 $2,225,eee 1,e9e, 250 es of goods sold Es profit rating expenses elaries expense epreciation expense ent expense nortization expenses-Patents cilities expense 1,134,75e $304, 825 53,400 68,875 6,675 24,475 449,450 - on sale of equipment 685,300 8,90e income $ 694, 200 $41,65e increase 29,875 increase ACcounts payable salaries payable ounts receivable entory re the operating activitles section of the statement of cash flows ated with a minus sign.) Answer is not complete. Statement of Cash Flows (partial)

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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SONAD COMPANY Income Statement For Year Ended December 31 Sales $2,225,ee0 1,090, 250 Cost of goods sold Gross profit Operating expenses salaries expense 1,134,750 $304, 825 53,400 60, 075 Depreciation expense Rent expense Amortization expenses-Patents utilities expense 6,675 24,475 449,450 685,300 Gain on sale of equipment 8,900 Net income $ 694, 20e $41,650 increase 29,875 increase Accounts payable Salaries payable $15,575 decrease 2,050 decrease Accounts receivable Inventory Prepare the operating activities section of the statement of cash flows using the indirect method. (Amounts to be deducted should be Indicated with a minus sign.) Answer is not complete. Statement of Cash Flows (partial) Cash flows from operating activities Net income S 694,200 Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Depreciation expense 53,400 Amortization expense-Patents 6,675 Changes in current operating assets and liabilities Increase in accounts receivable (41,650) Increase in inventory (29,875) Decrease in accounts payable (15,575) Decrease in salaries payable (2,050) 665,125
Transcribed Image Text:SONAD COMPANY Income Statement For Year Ended December 31 Sales $2,225,ee0 1,090, 250 Cost of goods sold Gross profit Operating expenses salaries expense 1,134,750 $304, 825 53,400 60, 075 Depreciation expense Rent expense Amortization expenses-Patents utilities expense 6,675 24,475 449,450 685,300 Gain on sale of equipment 8,900 Net income $ 694, 20e $41,650 increase 29,875 increase Accounts payable Salaries payable $15,575 decrease 2,050 decrease Accounts receivable Inventory Prepare the operating activities section of the statement of cash flows using the indirect method. (Amounts to be deducted should be Indicated with a minus sign.) Answer is not complete. Statement of Cash Flows (partial) Cash flows from operating activities Net income S 694,200 Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Depreciation expense 53,400 Amortization expense-Patents 6,675 Changes in current operating assets and liabilities Increase in accounts receivable (41,650) Increase in inventory (29,875) Decrease in accounts payable (15,575) Decrease in salaries payable (2,050) 665,125
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