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  1. business
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  3. sonad company income statement for year ended dece

SONAD COMPANY Income Statement For Year Ended December 31 Sales $1,982,000 Cost of goods sold...

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Accounting

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SONAD COMPANY Income Statement For Year Ended December 31 Sales $1,982,000 Cost of goods sold 971, 180 Gross profit 1,010,820 Operating expenses Salaries expense $ 271,534 Depreciation expense 47,568 Rent expense 53,514 Amortization expenses- 5,946 Patents Utilities expense 21,802 400,364 610, 456 Gain on sale of 7,928 equipment Net income $ 618,384 Accounts receivable Inventory Accounts $25,550 increase payable 22,500 increase Salaries payable $10,400 decrease 5,650 decrease Prepare the operating activities section of the statement of cash flows using the indirect method. (Amounts to be deducted should be indicated with a minus sign.) Statement of Cash Flows (partial) Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Changes in current operating assets and liabilities $ 0

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