Subject :- Accoumting SalesCost of goods soldGross profitOperating expensesSONAD COMPANYIncome StatementFor Year Ended December 31Salaries expenseDepreciation expenseRent expenseAmortization expenses-PatentsUtilities expenseGain on sale of equipmentNet income$ 267,69846,89652,7585,86221,494$ 1,954,000957,460996,540394,708601,8327,816$ 609,648$ 45,400 increase Accounts payable14,550 increase Salaries payable$ 13,275 decrease5,600 decreaseAccounts receivable.InventoryPrepare 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)Changes in current operating assets and liabilitiesCash flows from operating activitiesAdjustments to reconcile net income to net cash provided by operating activitiesIncome statement items not affecting cash$0

Cash Flow from Operating Activities - Cash Flow from Operating activities is one of the significant…

Sales Cost of goods sold Gross profit Operating expenses SONAD COMPANY Income Statement For Year Ended December 31 Salaries expense Depreciation expense Rent expense Amortization expenses-Patents Utilities expense Gain on sale of equipment Net income $ 267,698 46,896 Cash flows from operating activities 52,758 5,862 21,494 $ 1,954,000 957,460 996,540 $ 45,400 increase Accounts payable. 14,550 increase Salaries payable Accounts receivable. Inventory. 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. 394,708 601,832 7,816 $ 609,648 Changes in current operating assets and liabilities Statement of Cash Flows (partial) Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash $ 13,275 decrease 5,600 decrease 0

Sales Cost of goods sold Gross profit Operating expenses SONAD COMPANY Income Statement For Year Ended December 31 Salaries expense Depreciation expense Rent expense Amortization expenses-Patents Utilities expense Gain on sale of equipment Net income $ 267,698 46,896 Cash flows from operating activities 52,758 5,862 21,494 $ 1,954,000 957,460 996,540 $ 45,400 increase Accounts payable. 14,550 increase Salaries payable Accounts receivable. Inventory. 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. 394,708 601,832 7,816 $ 609,648 Changes in current operating assets and liabilities Statement of Cash Flows (partial) Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash $ 13,275 decrease 5,600 decrease 0

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 2E: Cost of Goods Sold and Income Statement Schuch Company presents you with the following account...

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