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  1. business
  2. accounting
  3. the following income statement and additional year

The following income statement and additional year-end information is provided. $ 2,029,000...

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Accounting

The following income statement and additional year-end information is provided.

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$ 2,029,000 994,210 1,034,790 SONAD COMPANY Income Statement For Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses Salaries expense $ 277,973 Depreciation expense 48,696 Rent expense 54,783 Amortization expenses-Patents 6,087 Utilities expense 22,319 Gain on sale of equipment Net income 409,858 624,932 8,116 633,048 $ Accounts receivable Inventory $48,700 increase 19, 125 increase Accounts payable Salaries payable $8,125 decrease 1,100 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

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