Delta Corporation, income statement is shown below. Delta Corporation Income Statement For the Year Ended December 31, 2

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Delta Corporation Income Statement Is Shown Below Delta Corporation Income Statement For The Year Ended December 31 2 1 (56.07 KiB) Viewed 55 times

Delta Corporation, income statement is shown below. Delta Corporation Income Statement For the Year Ended December 31, 2006 Sales $124,000 Cost of goods sold (58,000) Gross profit $ 66,000 Operating expenses: $22,000 Wages and salaries expense Rent expense 8,000 15,000 9.000 (54,000) $ 12,000 Depreciation expense Other operating expenses Income from operations Gain on sale of equipment Income before income tax Income tax expense Net income 13.000 $ 25,000 (8,750) $.16.250 Additional information: Increase in accounts receivable $ 2,000 Increase in accounts payable 8,000 Increase in income taxes payable 150 Decrease in prepaid expenses 5,000 Decrease in merchandise inventory 7,000 Decrease in long-term notes payable 10,000 Increase in plant assets.. 35,000 Decrease in bonds payable.. 15,000 Based on the above information, prepare the operating activities section of the statement of cash flows for Delta Corporation for the year ended December 31, 2006, using the indirect method. ||