Question Five Delta Corporation, income statement is shown below. Delta Corporation Income Statement For the Year Ended

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Question Five Delta Corporation Income Statement Is Shown Below Delta Corporation Income Statement For The Year Ended 1 (107.96 KiB) Viewed 28 times

Question Five Delta Corporation, income statement is shown below. Delta Corporation Income Statement For the Year Ended December 31, 2006 Sales Cost of goods sold Gross profit Operating expenses: $22,000 Wages and salaries expense Rent expense 8,000 15,000 9,000 Depreciation expense Other operating expenses Income from operations Gain on sale of equipment Income before income tax Income tax expense Net income Additional information: $2,000 8,000 150 Increase in accounts receivable Increase in accounts payable. Increase in income taxes payable. Decrease in prepaid expenses. Decrease in merchandise inventory. Decrease in long-term notes payable... Increase in plant assets.... 5,000 7,000 10,000 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. Answer this question on the next page $124,000 (58,000) $ 66,000 (54,000) $ 12,000 13,000 $ 25,000 (8,750) $ 16,250 (10 Points)