Statement of Cash Flows (Partial)Cash flows from operating activitiesReceipts from customers$ 1,797,500Payments for salaries(249,035)Payments for rent(49,600)|Payments for utilities(18,125)Payments for inventory(966,000)$514,740Net cash provided by operating activities%24%24 SONAD COMPANYIncome StatementFor Year Ended December 31$ 1,828,000991,000SalesCost of goods soldGross profitOperating expenses837,000$ 245,53544,20049,6004,20018,125SalariesexpenseDepreciation expenseRent expenseAmortization expenses-PatentsUtilities expense361,660475,340Gain on sale of equipment6,200$ 481,540Net income$ 30,500 increase Accounts payable25,000 increase Salaries payable$ 12,500 decrease3,500 decreaseAccounts receivableInventory

Cash flow statement means the statement which shows the cash flow in or out of business enterprises…

Statement of Cash Flows (Partial) Cash flows from operating activities Receipts from customers $ $ 1,797,500 Payments for salaries (249,035) Payments for rent (49,600) Payments for utilities (18,125) Payments for inventory (966,000) Net cash provided by operating activities 514 7Ao %24 %24

Statement of Cash Flows (Partial) Cash flows from operating activities Receipts from customers $ $ 1,797,500 Payments for salaries (249,035) Payments for rent (49,600) Payments for utilities (18,125) Payments for inventory (966,000) Net cash provided by operating activities 514 7Ao %24 %24

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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Question

Statement of Cash Flows (Partial)
Cash flows from operating activities
Receipts from customers
$ 1,797,500
Payments for salaries
(249,035)
Payments for rent
(49,600)|
Payments for utilities
(18,125)
Payments for inventory
(966,000)
$
514,740
Net cash provided by operating activities
%24
%24

SONAD COMPANY
Income Statement
For Year Ended December 31
$ 1,828,000
991,000
Sales
Cost of goods sold
Gross profit
Operating expenses
837,000
$ 245,535
44,200
49,600
4,200
18,125
Salaries
expense
Depreciation expense
Rent expense
Amortization expenses-Patents
Utilities expense
361,660
475,340
Gain on sale of equipment
6,200
$ 481,540
Net income
$ 30,500 increase Accounts payable
25,000 increase Salaries payable
$ 12,500 decrease
3,500 decrease
Accounts receivable
Inventory

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