Parson Corporation Income Statement For the Year Ended December 31, 2013 $10,000 (1.500) 8,500 Net...
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Parson Corporation Income Statement For the Year Ended December 31, 2013 $10,000 (1.500) 8,500 Net sales Cost of goods sold Gross margin Operating expenses Depreciation expense Income before taxes $2,000 900 (2.900 5,600 All sales were on credit and accounts receivable increased by $600 in 2013 compared to 2012. Merchandise purchases were on credit with an increase in accounts payable of $400 during the year. Ending inventory was $500 larger than beginning inventory. Income taxes payable increased $300 during the year. All operating expenses were paid for in cash. Required: Prepare the cash flows from operating activities section of the statement of cash flows using the indirect method
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