Use the following income statement and information about changes in non-cash current assets and current...
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Accounting
Use the following income statement and information about changes in non-cash current assets and current liabilities to present the cash flows from operating activities using the indirect method. (List any loss, cash outflow or deduction in cash as negative amounts.) Eyelashes and More Co. Income Statement For Year Ended May 31, 2020 Sales $ 2,800 Cost of goods sold 1,414 Gross profit $ 1,386 Operating expenses: Depreciation expense $ 222 Other expenses 1,090 Total operating expenses 1,312 Loss on sale of long-term investment Profit (loss) from operations $ (14) Income tax expense Profit (loss) $ (14) 88 Changes in current asset and current liability accounts during the year were as follows. Accounts receivable Inventory Prepaid insurance Accounts payable Accrued liabilities $ 42. decrease 17 increase 2 Increase 18 increase 5 decrease
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