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The following income statement and additional year-end information is provided. SONAD COMPANY Income Statement Sales For Year Ended December 31 $ 2,466,000 1,208,340 1,257,660 Cost of goods sold Gross profit Operating expenses Salaries expense Depreciation expense Rent expense Amortization expenses-Patents Utilities expense Gain on sale of equipment Net income $ 337,842 59,184 66,582 7,398 27,126 498,132 759,528 9,864 $ 769,392 Accounts receivable Inventory $ 40,500 increase Accounts payable 25,375 increase Salaries payable $ 9,125 decrease 2,050 decrease Prepare the operating activities section of the statement of cash flows using the indirect method. Note: Amounts to be deducted should be indicated with a minus sign. Statement of Cash Flows (partial) Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operating activities

The following income statement and additional year-end information is provided. SONAD COMPANY Income Statement Sales For Year Ended December 31 $ 2,466,000 1,208,340 1,257,660 Cost of goods sold Gross profit Operating expenses Salaries expense Depreciation expense Rent expense Amortization expenses-Patents Utilities expense Gain on sale of equipment Net income $ 337,842 59,184 66,582 7,398 27,126 498,132 759,528 9,864 $ 769,392 Accounts receivable Inventory $ 40,500 increase Accounts payable 25,375 increase Salaries payable $ 9,125 decrease 2,050 decrease Prepare the operating activities section of the statement of cash flows using the indirect method. Note: Amounts to be deducted should be indicated with a minus sign. Statement of Cash Flows (partial) Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operating activities

FINANCIAL ACCOUNTING
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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The following income statement and additional year-end information is provided. SONAD COMPANY Income Statement Sales For Year Ended December 31 $ 2,466,000 1,208,340 1,257,660 Cost of goods sold Gross profit Operating expenses Salaries expense Depreciation expense Rent expense Amortization expenses-Patents Utilities expense Gain on sale of equipment Net income $ 337,842 59,184 66,582 7,398 27,126 498,132 759,528 9,864 $ 769,392 Accounts receivable Inventory $ 40,500 increase Accounts payable 25,375 increase Salaries payable $ 9,125 decrease 2,050 decrease Prepare the operating activities section of the statement of cash flows using the indirect method. Note: Amounts to be deducted should be indicated with a minus sign. Statement of Cash Flows (partial) Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operating activities
Transcribed Image Text:The following income statement and additional year-end information is provided. SONAD COMPANY Income Statement Sales For Year Ended December 31 $ 2,466,000 1,208,340 1,257,660 Cost of goods sold Gross profit Operating expenses Salaries expense Depreciation expense Rent expense Amortization expenses-Patents Utilities expense Gain on sale of equipment Net income $ 337,842 59,184 66,582 7,398 27,126 498,132 759,528 9,864 $ 769,392 Accounts receivable Inventory $ 40,500 increase Accounts payable 25,375 increase Salaries payable $ 9,125 decrease 2,050 decrease Prepare the operating activities section of the statement of cash flows using the indirect method. Note: Amounts to be deducted should be indicated with a minus sign. Statement of Cash Flows (partial) Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operating activities
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