Exercise 16-20B (Algo) Direct: Cash flows from operating activities LO P5 The following income statement and additional

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Exercise 16 20b Algo Direct Cash Flows From Operating Activities Lo P5 The Following Income Statement And Additional 1 (115.58 KiB) Viewed 41 times

Exercise 16-20B (Algo) Direct: Cash flows from operating activities LO P5 The following income statement and additional year-end information is provided. SONAD COMPANY Income Statement For Year Ended December 31 Sales Cost of goods sold. Gross profit $ 2,436,000 1,193,640 1,242,360 Operating expenses Salaries expense $ 333,732 Depreciation expense 58,464 Rent expense 65,772 7,308 Amortization expenses-Patents Utilities expense 26,796 492,072 750,288 Gain on sale of equipment 9,744 Net income $760,032 Accounts receivable Inventory $ 15,750 increase Accounts payable 17,750 increase Salaries payable. $ 14,125 decrease 4,850 decrease Prepare the operating activities section of the statement of cash flows using the direct method. (Amounts to be deducted should be indicated with a minus sign.) Statement of Cash Flows (Partial) Cash flows from operating activities $