The following income statement and Information about changes in noncash current assets and current liabilities...
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The following income statement and Information about changes in noncash current assets and current liabilities are reported 2,495,888 1, 222,55 1,272,45 SONAD COMPANY Income Statement For Year Ended December 31, 2017 Sales $ Cost of goods sold Gross profit Operating expenses Salaries expense $ 341,815 Depreciation expense 59,888 Rent expense 67,365 Amortization expenses-Patents 7,485 Utilities expense 27,445 Gain on sale of equipment Net income 503,990 768,460 9,988 778,440 $ Changes in current asset and current liability accounts for the year that relate to operations follow. Accounts receivable Inventory $ 34,5e8 increase 37,488 increase Accounts payable Salaries payable $ 12,225 decrease 2,780 decrease Required: Prepare only the cash flows from operating activities section of the statement of cash flows using the Indirect method (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 Income statement items not affecting cash Changes in current operating assets and abilities
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