The following income statement and additional year-end information is provided. SONAD COMPANY Income Statement For Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses Salaries expense Depreciation expense Rent expense Amortization expenses-Patents Utilities expense Gain on sale of equipment Net income Accounts receivable Inventory Statement of Cash Flows (Partial) $325,786 57,072 64,206 7,134 26, 158 $ 29,450 increase Accounts payable 23,800 increase Salaries payable Cash flows from operating activities $ $ 2,378,000 1,165,220 1,212,780 Prepare the operating activities section of the statement of cash flows using the direct method. Note: Amounts to be deducted should be indicated with a minus sign. 480,356 732, 424 9,512 $ 741,936 0 $ 11,225 decrease 1,050 decrease

The following income statement and additional year-end information is provided. SONAD COMPANY Income Statement For Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses Salaries expense Depreciation expense Rent expense Amortization expenses-Patents Utilities expense Gain on sale of equipment Net income Accounts receivable Inventory Statement of Cash Flows (Partial) $325,786 57,072 64,206 7,134 26, 158 $ 29,450 increase Accounts payable 23,800 increase Salaries payable Cash flows from operating activities $ $ 2,378,000 1,165,220 1,212,780 Prepare the operating activities section of the statement of cash flows using the direct method. Note: Amounts to be deducted should be indicated with a minus sign. 480,356 732, 424 9,512 $ 741,936 0 $ 11,225 decrease 1,050 decrease

Name: ss The following income statement and additional year-end information
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Description: ss The following income statement and additional year-end information is provided.SalesCost of goods soldGross profitOperating expensesSONAD COMPANYIncome StatementFor Year Ended December 31Salaries expenseDepreciation expenseRent expenseAmortization

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter16: Statement Of Cash Flows

Section: Chapter Questions

Problem 21E

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