IVANHOE SKI HAUS INCOME STATEMENT FOR THE YEAR ENDING DECEMBER 31, 2025 $535,700 303,000 232,700 92,000 Sales Cost of goods sold Gross profit Operating expenses Operating income Interest expense Loss on sale of equipment Income before tax Income tax expense Net income Additional information: 1. $20,300 4,000 2. 140,700 24,300 116,400 Dividends in the amount of $19,000 were declared and paid during 2025. Depreciation expense and amortization expense are included in operating expenses. 3. Equipment that had a cost of $25,200 and was 20% depreciated was sold during 2025. 40,300 $76,100 Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis e.g. (15,000).)

IVANHOE SKI HAUS INCOME STATEMENT FOR THE YEAR ENDING DECEMBER 31, 2025 $535,700 303,000 232,700 92,000 Sales Cost of goods sold Gross profit Operating expenses Operating income Interest expense Loss on sale of equipment Income before tax Income tax expense Net income Additional information: 1. $20,300 4,000 2. 140,700 24,300 116,400 Dividends in the amount of $19,000 were declared and paid during 2025. Depreciation expense and amortization expense are included in operating expenses. 3. Equipment that had a cost of $25,200 and was 20% depreciated was sold during 2025. 40,300 $76,100 Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis e.g. (15,000).)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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