Question

The following income statement and additional year-end information is provided. Sales SONAD COMPANY Income Statement For Year Ended December 31 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 $ 242,764 42,528 47,844 5,316 19,492 $ 1,772,000 868,280 903,720 357,944 545,776 7,088 $ 552,864 Accounts receivable Inventory $ 34,500 increase Accounts payable 37,900 increase Salaries payable $ 9,800 decrease 5,550 decrease Prepare the operating activities section of the statement of cash flows using the indirect method. Note: Amounts to be deducted should be indicated with a minus sign. Statement of Cash Flows (partial) Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Changes in current operating assets and liabilities $ 0

          The following income statement and additional year-end information is provided.
Sales
SONAD COMPANY
Income Statement
For Year Ended December 31
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
$ 242,764
42,528
47,844
5,316
19,492
$ 1,772,000
868,280
903,720
357,944
545,776
7,088
$ 552,864
Accounts receivable
Inventory
$ 34,500 increase Accounts payable
37,900 increase Salaries payable
$ 9,800 decrease
5,550 decrease
Prepare the operating activities section of the statement of cash flows using the indirect method.
Note: Amounts to be deducted should be indicated with a minus sign.
Statement of Cash Flows (partial)
Cash flows from operating activities
Adjustments to reconcile net income to net cash provided by operating activities
Income statement items not affecting cash
Changes in current operating assets and liabilities
$ 0

The following income statement and additional year-end information is provided.
Sales
SONAD COMPANY
Income Statement
For Year Ended December 31
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
242,764
42,528
47,844
5,316
19,492 1,772,000
868,280
903,720
357,944
545,776
7,088
552,864
Accounts receivable
Inventory 34,500 increase Accounts payable
37,900 increase Salaries payable
9,800 decrease
5,550 decrease
Prepare the operating activities section of the statement of cash flows using the indirect method.
Note: Amounts to be deducted should be indicated with a minus sign.
Statement of Cash Flows (partial)
Cash flows from operating activities
Adjustments to reconcile net income to net cash provided by operating activities
Income statement items not affecting cash
Changes in current operating assets and liabilities 0

Added by Michael R.

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