The following income statement along with additional year-end information about changes in noncash current assets...
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Accounting
The following income statement along with additional year-end information about changes in noncash current assets and current liabilities are reported SONAD COMPANY Income Statement For Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses $1,938,000 949,620 988,380 Salaries expense Depreciation expense Rent expense Amortization expenses-Patents Utilities expense $265,506 46,512 52, 326 5,814 21,318 391,476 596,904 7,752 $ 604,656 Gain on sale of equipment Net income Additional Year-End Balance Sheet Data Accounts receivable Inventory Accounts payable Salaries payable $45,550 increase 15,625 increase 15,125 decrease 4,950 decrease Use the direct method to prepare only the cash provided or used by operating activities section of the statement of cash flows for this company. (Amounts to be deducted should be indicated with a minus sign.)
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