Stack Technologies Income Statement For the year ended December 31, 2021 Net Sales $405,000 Expenses Cost of Goods Sold Operating expenses Depreciation expense Income Tax Expense Total Expenses $235,000 $70,000 $17,000 $27,000 $349,000 $ 56,000 Net Income Stack Technologies Selected Balance Sheet Data December 31, 2021, compared to December 31, 2020 Decrease in accounts receivable Increase in inventory Decrease in prepaid rent Increase in salaries payable Decrease in accounts payable Increase in income tax payable $7,000 14,000 10,000 6,000 9,000 24,000 Required: Prepare the statement of cashflows for Stack technologies for operating activities.

Stack Technologies Income Statement For the year ended December 31, 2021 Net Sales $405,000 Expenses Cost of Goods Sold Operating expenses Depreciation expense Income Tax Expense Total Expenses $235,000 $70,000 $17,000 $27,000 $349,000 $ 56,000 Net Income Stack Technologies Selected Balance Sheet Data December 31, 2021, compared to December 31, 2020 Decrease in accounts receivable Increase in inventory Decrease in prepaid rent Increase in salaries payable Decrease in accounts payable Increase in income tax payable $7,000 14,000 10,000 6,000 9,000 24,000 Required: Prepare the statement of cashflows for Stack technologies for operating activities.

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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