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P14-34A Preparing the statement of cash flows-indirect method with non-Cash transaction The 2018 income statement...

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P14-34A Preparing the statement of cash flows-indirect method with non-Cash transaction The 2018 income statement and comparative balance sheet of Rolling Hills, Inc. follow: ROLLING HILLS, INC Income Statement Year Ended December 31, 2018 Net Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses: 440,000 209,200 230,800 Salaries Expense Depreciation Expense-Plant Assets Other Operating Expenses Total Operating Expenses 77,400 14,400 10,200 102,000 Operating Income Other Income and (Expenses): 128,800 Interest Revenue Interest Expense Total Other Income and (Expenses) 8,700 (21,100) Net Income Before Income Taxes Income Tax Expense Net Income (12,400) 116,400 20,000 $96,400

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