Exercise 12-4 Indirect: Cash flows from operating activities LO P2 The following

Question

Exercise 12-4 Indirect: Cash flows from operating activities LO P2 The following income statement and information about changes in noncash current assets and cu incone Statement Sales 51, 966,00e Cost of goods sold Gross profit Operating expenses salaries expense Depreciation expense $269,342 47,184 53,882 5,89# tent expense utilities expense Gain on sale of equipment set incone 23,62 197,132 Changes in current asset and current sability accounts for the year thest relate to operations follow $15,975 decrease 13,se0 increase Salaries payable Required Prepare only the cash flows from operating activities section of the statement of cash tows using the deducted should be Indlceted with e minus sign Canih fows from Type here to search

Explanation / Answer

STATEMENT OF CASH FLOW FOR THE YEAR ENDED DECEMBER 31, 2017 (PARTIAL) A) Cash flows from operating activities Amount Amount Net Income $          6,13,392 Adjustments for: Depreciation $             47,184 Patents $                5,898 Gain on sales of Equipment $              -7,864 $             45,218 Adjustement for increase and decrease in Assets & Liabilities Account Receivable increase $            -19,500 Inventory increase $            -13,800 Account Payable Decrease $            -15,975 Salary Payable decrease $              -4,500 $            -53,775 Cash flows from investing activities $          6,04,835

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