The income statement for Kosinski Manufacturing Company contains the following condensed information KOSINSKI MANUFACTURING COMPANY...
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The income statement for Kosinski Manufacturing Company contains the following condensed information KOSINSKI MANUFACTURING COMPANY Income Statement For the Year Ended December 31, 2016 $6,583,000 Sales revenue Operating expenses, excluding depreciation Depreciation expense Income before income taxes Income tax expense Net income $4,920,000 880,000 5,800,000 783,000 353,000 $430,000 Included in operating expenses is a $26280 loss resulting from the sale of machinery for $289806 cash. Machinery was purchased at a cost of $785802. The following balances are reported on Kosinski's comparative balance sheet at December 31 2016 2015 782696 841104 538316 609925 856438 513040 Accounts receivable Inventory Accounts payable Income tax expense of $353,000 represents the amount paid in 2016. Dividends declared and paid in 2016 totaled $224928. There were no new borrowings but $117950 of existing debt was paid off. No stock transactions were recorded in 2016 Instructions: Calculate the cash flow from operations. Answer in whole dollars and use a negative sign "" for cash outflows
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