The following income statement and additional year-end information is provided. Sales Cost of goods sold Gross profit Operating expenses SONAD COMPANY Income Statement For Year Ended December 31 Salaries expense Depreciation expense Rent expense Amortization expenses-Patents Utilities expense Gain on sale of equipment Net income Accounts receivable Inventory $324,279 56,808 63,909 7,101 26,037 $15,100 increase 19,550 increase $2,367,000 1,159,830 1,207,170 478,134 729,036 9,468 $ 738,504 Accounts payable Salaries payable $ 8,400 decrease 2,200 decrease 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.)

The following income statement and additional year-end information is provided. Sales Cost of goods sold Gross profit Operating expenses SONAD COMPANY Income Statement For Year Ended December 31 Salaries expense Depreciation expense Rent expense Amortization expenses-Patents Utilities expense Gain on sale of equipment Net income Accounts receivable Inventory $324,279 56,808 63,909 7,101 26,037 $15,100 increase 19,550 increase $2,367,000 1,159,830 1,207,170 478,134 729,036 9,468 $ 738,504 Accounts payable Salaries payable $ 8,400 decrease 2,200 decrease 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.)

Name: The following income statement and additional year-end information is
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Description: The following income statement and additional year-end information is provided.SalesCost of goods soldGross profitOperating expensesSONAD COMPANYIncome StatementFor Year Ended December 31Salaries expenseDepreciation expenseRent expenseAmortization e

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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