The following income statement and information about changes innoncash current assets and current liabilities are reported.
SONAD COMPANY Income Statement For Year Ended December 31, 2017Sales $ 2,177,000 Cost of goods sold 1,066,730 Gross profit1,110,270 Operating expenses Salaries expense $ 298,249Depreciation expense 52,248 Rent expense 58,779 Amortizationexpenses–Patents 6,531 Utilities expense 23,947 439,754 670,516Gain on sale of equipment 8,708 Net income $ 679,224 Changes incurrent asset and current liability accounts for the year thatrelate to operations follow. Accounts receivable $ 31,350 increaseAccounts payable $ 12,175 decrease Inventory 11,400 increaseSalaries payable 1,200 decrease Required: Prepare only the cashflows from operating activities section of the statement of cashflows using the indirect method. (Amounts to be deducted should beindicated with a minus sign.)
