Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. the following income statement and information abo

The following income statement and information about changes in noncash current assets and current liabilities are...

80.2K

Verified Solution

Question

Accounting

The following income statement and information about changes innoncash current assets and current liabilities are reported.

SONAD COMPANY Income Statement For Year Ended December 31, 2017Sales $ 2,177,000 Cost of goods sold 1,066,730 Gross profit1,110,270 Operating expenses Salaries expense $ 298,249Depreciation expense 52,248 Rent expense 58,779 Amortizationexpenses–Patents 6,531 Utilities expense 23,947 439,754 670,516Gain on sale of equipment 8,708 Net income $ 679,224 Changes incurrent asset and current liability accounts for the year thatrelate to operations follow. Accounts receivable $ 31,350 increaseAccounts payable $ 12,175 decrease Inventory 11,400 increaseSalaries payable 1,200 decrease Required: Prepare only the cashflows from operating activities section of the statement of cashflows using the indirect method. (Amounts to be deducted should beindicated with a minus sign.)

Answer & Explanation Solved by verified expert
3.9 Ratings (346 Votes)
SONAD COMPANY Cash Flow Statement For year ended 31st December 2017 A Cash Flows from Operating Activity Net Income 67922400 Adjustments Depreciation expense 5224800 Gain    See Answer
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

you are advertising the owner of today convenience store, a new, franchised 24 hrs open store. today...

Finance
Q

Give an example where the concept of \"rate of change\" is used in real life.

Basic Math
Q

Calories BMI 1 2 2 4 3 5 4 4 5 5 What is the R-squared for this table and how do we interpret that?

Basic Math
Q

Check My Work The National Football League (NFL) polls fans to develop a rating for each football...

Basic Math
Q

A biochemical engineer isolates a bacterial gene fragment and dissolves a 17.0 mg sample of the...

Chemistry
Q

Name the three Functions that advanced manufacturing automation, explain them in a few wards, and give...

Mechanical Engineering
Q

There are 27 drops of a conducting fluid Each has a radius r and they...

Physics
Q

X 10 8 13 9 y 9 15 8 13 8 74 8 78 a...

Statistics
Q

I have asked for help regarding this problem over four times. Can someone please help...

Accounting
Q

assume Amyey and Lacey are partners. Lacey dies, and her aon claims the right to...

Accounting
Q

QUESTION 21 If the initial net cash outflow to finance a project with a 5-year...

Finance
Q

Need answer 8.9 369 When Laura Rapp arrived at...

Accounting