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Income Statement for the year ended December 31, 2017 Sales Reveme Cost of goods sold...

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Accounting

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Income Statement for the year ended December 31, 2017 Sales Reveme Cost of goods sold $3 450 000 S 950 000 2 200 000 3 150 000 800 000 Beginning inventory Goods available for sale Ending inventory Gross profit Operating expenses 1 100000 Selling expenses Administrative expenses 225 000 350 000 575 000 $525 000 Net income Comparative statement of financial position extracts at December 31. 2017 200 000 95 000 67 500 27 500 205 000 95 000 5355 000 Accounts receivable Prepaid (selling) expenses Accounts payable Accrued salaries payable Property, Plant and Equipment Accumulated Depreciation 10000 205 000 87 500 205 000 65 000 Additional information: Administrative expenses comprise of salaries, general expenses and depreciation. Required: Prepare the operating activities section of the statement of cash flows for the year ended December 31, 2017, for Shultz Inc., using: A. Direct method [9 marks B. Indirect method 6 marks

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