Check my work 9 The following schedule relates the income statement with cash flows from operating activities, derived b

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Check My Work 9 The Following Schedule Relates The Income Statement With Cash Flows From Operating Activities Derived B 1 (64.77 KiB) Viewed 62 times

Check my work 9 The following schedule relates the income statement with cash flows from operating activities, derived by both the direct and indirect methods. The amounts for income statement elements are missing. 7 points Income Statement $ 699 cBcak Sales Cost of goods sold $? 2 Cash Flows from Operating Activities Indirect Method Direct Method Net income Adjustments: Decrease in accounts receivable Cash received from customers Increase in inventory (3B) Decrease in accounts payable 151) Cash paid to suppliers Increase in salaries payable Cash paid to employees Depreciation expense (Not reported-no cash effect) Decrease in prepaid insurance Cash paid for insurance Logs on sale of land Not reported-no cash effect) Increase in income tax payable 23 Cash paid for income taxes Net cash flows from operating activities $ $ 91 Net cash flows from operating activities (497) (45) Print References Salaries expanse Depreciation expense Insurance expense Logs on sale of land Income tax expense Net income 28934*33 (23) ? ? 2 ? 2 $ $ $ 91 Required: Deduce the missing amounts and prepare the income statement. Income Statement Sales Cost of goods sold Depreciation expense Salaries expense Loss on sale of larid Insurance expense income tax expense Net Income 0 0 $