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 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.
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