Mike Skateboards Company uses the indirect method to prepare the statement of cash flows. Refer...
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Mike Skateboards Company uses the indirect method to prepare the statement of cash flows. Refer to the following income statement: Mike Skateboards Company Income Statement Year Ended December 31, 2017 2,200 Sales Revenue $250,000 Interest Revenue Gain on Sale of Plant Assets 5.100 Total Revenues and Gains $257,300 Cost of Goods Sold 124,000 Salary Expense 41,000 Depreciation Expense 14,000 Other Operating Expenses 23,000 Interest Expense 1.900 Income Tax Expense 5.200 Total Expenses 209.100 Net Income (Loss) $48,200 Additional information provided by the company includes the following: 1. Current assets, other than cash, increased by $25000. 2. Current liabilities decreased by $3000
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