SONAD COMPANY Income Statement For Year Ended December 31 $2,225,eee 1,e9e, 250 es of goods sold Es profit rating expenses elaries expense epreciation expense ent expense nortization expenses-Patents cilities expense 1,134,75e $304, 825 53,400 68,875 6,675 24,475 449,450 - on sale of equipment 685,300 8,90e income $ 694, 200 $41,65e increase 29,875 increase ACcounts payable salaries payable ounts receivable entory re the operating activitles section of the statement of cash flows ated with a minus sign.) Answer is not complete. Statement of Cash Flows (partial)
SONAD COMPANY Income Statement For Year Ended December 31 $2,225,eee 1,e9e, 250 es of goods sold Es profit rating expenses elaries expense epreciation expense ent expense nortization expenses-Patents cilities expense 1,134,75e $304, 825 53,400 68,875 6,675 24,475 449,450 - on sale of equipment 685,300 8,90e income $ 694, 200 $41,65e increase 29,875 increase ACcounts payable salaries payable ounts receivable entory re the operating activitles section of the statement of cash flows ated with a minus sign.) Answer is not complete. Statement of Cash Flows (partial)
Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter5: Accounting For Retail Businesses
Section: Chapter Questions
Problem 41E: Cost of goods sold and related items The following data were extracted from the accounting records...
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12 ex 4
![SONAD COMPANY
Income Statement
For Year Ended December 31
Sales
$2,225,ee0
1,090, 250
Cost of goods sold
Gross profit
Operating expenses
salaries expense
1,134,750
$304, 825
53,400
60, 075
Depreciation expense
Rent expense
Amortization expenses-Patents
utilities expense
6,675
24,475
449,450
685,300
Gain on sale of equipment
8,900
Net income
$ 694, 20e
$41,650 increase
29,875 increase
Accounts payable
Salaries payable
$15,575 decrease
2,050 decrease
Accounts receivable
Inventory
Prepare the operating activities section of the statement of cash flows using the indirect method. (Amounts to be deducted should be
Indicated with a minus sign.)
Answer is not complete.
Statement of Cash Flows (partial)
Cash flows from operating activities
Net income
S
694,200
Adjustments to reconcile net income to net cash provided by operating
activities
Income statement items not affecting cash
Depreciation expense
53,400
Amortization expense-Patents
6,675
Changes in current operating assets and liabilities
Increase in accounts receivable
(41,650)
Increase in inventory
(29,875)
Decrease in accounts payable
(15,575)
Decrease in salaries payable
(2,050)
665,125](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5f59fcea-d186-4e35-a497-adc6b63b6285%2Ff42993f6-55e6-4d94-9e46-1daad9656e88%2Fneb6yl_processed.jpeg&w=3840&q=75)
Transcribed Image Text:SONAD COMPANY
Income Statement
For Year Ended December 31
Sales
$2,225,ee0
1,090, 250
Cost of goods sold
Gross profit
Operating expenses
salaries expense
1,134,750
$304, 825
53,400
60, 075
Depreciation expense
Rent expense
Amortization expenses-Patents
utilities expense
6,675
24,475
449,450
685,300
Gain on sale of equipment
8,900
Net income
$ 694, 20e
$41,650 increase
29,875 increase
Accounts payable
Salaries payable
$15,575 decrease
2,050 decrease
Accounts receivable
Inventory
Prepare the operating activities section of the statement of cash flows using the indirect method. (Amounts to be deducted should be
Indicated with a minus sign.)
Answer is not complete.
Statement of Cash Flows (partial)
Cash flows from operating activities
Net income
S
694,200
Adjustments to reconcile net income to net cash provided by operating
activities
Income statement items not affecting cash
Depreciation expense
53,400
Amortization expense-Patents
6,675
Changes in current operating assets and liabilities
Increase in accounts receivable
(41,650)
Increase in inventory
(29,875)
Decrease in accounts payable
(15,575)
Decrease in salaries payable
(2,050)
665,125
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