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