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Maksim231197 [3]
3 years ago
8

The following income statement and additional year-end information is provided. SONAD COMPANY Income Statement For Year Ended De

cember 31 Sales $ 1,858,000 Cost of goods sold 910,420 Gross profit 947,580 Operating expenses Salaries expense $ 254,546 Depreciation expense 44,592 Rent expense 50,166 Amortization expenses—Patents 5,574 Utilities expense 20,438 375,316 572,264 Gain on sale of equipment 7,432 Net income $ 579,696 Accounts receivable $ 18,800 increase Accounts payable $ 10,900 decrease Inventory 20,200 increase Salaries payable 3,550 decrease
Business
1 answer:
Scilla [17]3 years ago
5 0

Answer:

Statement of Cash Flows (partial)  

Cash flows from operating activities  

Net income <em>579,696 </em>

Adjustments to reconcile net income to net cash provided by operating activities  

<em>Income statement items not affecting cash  </em>

Depreciation expense <em>44,592</em>

Amortization expense—Patents <em>5,574</em>

Gain on sale of equipment <em>-7,432</em>

<em>Changes in current operating assets and liabilities  </em>

Increase in accounts receivable <em>-47,700</em>

Increase in inventory <em>-15,650 </em>

Decrease in accounts payable <em>-13,550 </em>

Decrease in salaries payable <em>-3,500 </em>

Net cash provided by operating activities <em>5,42,030</em>

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