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Problem 2 The income statement of the Gypum Corporation for 2019 and selected balance sheet...

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Accounting

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Problem 2 The income statement of the Gypum Corporation for 2019 and selected balance sheet accounts are presented below. Income Statement Sales. Cost of goods sold. Gross profit........ Operating expenses............ Operating income................ Gain on sale of land. Net income before interest and taxes... Interest expense...... Net income before taxes.... Income taxes. Net income....... $ 980,000 590,000 390,000 270,000 120,000 15.000 135,000 5.000 130,000 20,000 $ 110,000 *Depreciation expense of $33,000 is included in the total operating expenses Selected Balance Sheet Accounts Ending Beginning $ Accounts receivable...... Inventory.... Pre-paid expenses. Property, Plant & Eqpmt Acc. Depreciation 100,000 115,000 10,500 250,000 (90,000) $ 90,000 120,000 8,500 300,000 (100,000) Accounts payable... Accrued expenses Bonds payable... 60,000 2,000 50,000 6,000 400,000 Instructions: On the accounting paper provided, prepare a schedule of cash flows from operating activities under the indirect method in good form). QQ Arial . 11. BI USA. . C D A B Problem 2 Indirect Gypum Corporation Statement of Cash Flows-Operating Activity For the Year Ended December 31, 2019 GEOCO NOW

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