Using the following income statement and additional year-end information. SONAD COMPANY Income Statement For Year...
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Using the following income statement and additional year-end information. SONAD COMPANY Income Statement For Year Ended December 31 Sales $ 2,424,000 Cost of goods sold 1,187,760 Gross profit 1,236,240 Operating expenses Salaries expense $ 332,088 Depreciation expense 58,176 Rent expense 65,448 Amortization expensesPatents 7,272 Utilities expense 26,664 489,648 746,592 Gain on sale of equipment 9,696 Net income $ 756,288 Accounts receivable $ 13,750 increase Accounts payable $ 10,350 decrease Inventory 11,125 increase Salaries payable 5,950 decrease Prepare the operating activities section of the statement of cash flows using the direct method. (Amounts to be deducted should be indicated with a minus sign.)
Prepare the operating activities section of the statement of cash flows using the direct method. (Amounts to be deducted should be indicated with a minus sign.) Statement of Cash Flows (Partial) Cash flows from operating activities
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