The following income statement and information about changes in

The following income statement and information about changes in noncash current assets and current liabilities are reported.

 

SONAD COMPANY

Income Statement

For Year Ended December 31, 2013

Sales                          $ 2,445,000       

Cost of goods sold  $1,198,050     

Gross profit             $1,246,950       

Operating expenses                                                                                        

Salaries expense $334,965                                                            

Depreciation expense $58,680                                                    

Rent expense $66,015                                                    

Amortization expenses–Patent $7,335                                                  

Utilities expense $26,895     $493,890        

                                                       $753,060        

Gain on sale of equipment $9,780             

 Net income                         $ 762,840            

Changes in current asset and current liability accounts for the year that relate to operations follow.

 Accounts receivable      $45,400 increase                 

Accounts payable            $8,050   decrease

Merchandise inventory                 $37,250 increase                 

Salaries payable                $3,400   decrease

 

Required: Prepare only the cash flows from operating activities section of the statement of cash flows using the indirect method. (Amounts to be deducted should be indicated with a minus sign.)

Calculate your order
Pages (275 words)
Standard price: $0.00
Client Reviews
4.9
Sitejabber
4.6
Trustpilot
4.8
Our Guarantees
100% Confidentiality
Information about customers is confidential and never disclosed to third parties.
Original Writing
We complete all papers from scratch. You can get a plagiarism report.
Timely Delivery
No missed deadlines – 97% of assignments are completed in time.
Money Back
If you're confident that a writer didn't follow your order details, ask for a refund.

Calculate the price of your order

You will get a personal manager and a discount.
We'll send you the first draft for approval by at
Total price:
$0.00
Power up Your Academic Success with the
Team of Professionals. We’ve Got Your Back.
Power up Your Study Success with Experts We’ve Got Your Back.