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vazorg [7]
3 years ago
15

SONAD COMPANY Income Statement For Year Ended December 31 Sales $ 1,828,000 Cost of goods sold 991,000 Gross profit 837,000 Oper

ating expenses Salaries expense $ 245,535 Depreciation expense 44,200 Rent expense 49,600 Amortization expenses—Patents 4,200 Utilities expense 18,125 361,660 475,340 Gain on sale of equipment 6,200 Net income $ 481,540 Accounts receivable $ 30,500 increase Accounts payable $ 12,500 decrease Inventory 25,000 increase Salaries payable 3,500 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.)
Business
1 answer:
Snowcat [4.5K]3 years ago
3 0

Answer:

                      Statement of Cash Flows (partial)

<u>Cash flows from operating activities </u>

Net income                                                           $481,540

Adjustments to reconcile net income to

net cash provided by operating activities

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

Depreciation expense                   $44,200

Gain on sale of equipment           -$6,200

Amortization expenses–Patents   $4200

<u>Changes in current operating </u>

<u>assets and liabilities </u>

Decrease in accounts payable    -$12,500

Decrease in salaries payable       -$3,500

Increase in accounts receivable  -$30,500

Increase in Inventory                    -$25,000

Net changes                                                          -<u>$29,300</u>

Cash flows from operating activities                  <u>$452,240</u>

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Explanation:

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