Using the following income statement and additional year-end information.
SONAD COMPANY Income Statement For Year Ended December 31 |
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Sales | $ | 1,516,000 | ||||
Cost of goods sold | 742,840 | |||||
Gross profit | 773,160 | |||||
Operating expenses | ||||||
Salaries expense | $ | 207,692 | ||||
Depreciation expense | 36,384 | |||||
Rent expense | 40,932 | |||||
Amortization expenses—Patents | 4,548 | |||||
Utilities expense | 16,676 | 306,232 | ||||
466,928 | ||||||
Gain on sale of equipment | 6,064 | |||||
Net income | $ | 472,992 | ||||
Accounts receivable | $ | 31,050 | increase | Accounts payable | $ | 8,625 | decrease | |||
Inventory | 24,225 | increase | Salaries payable | 4,700 | 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.)
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This is what I answered and it was all incorrect.
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