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Damon Air, Inc. published the following condensed income statement during 2022:
Sales
$5,000,000
Cost of goods sold
2,570,000
Depreciation expense
435,000
Gain on sale of equipment
20,000
Other operating expenses and taxes
320,000
Net Income
$ 1,695,000
Additional information about the company follows:
End of Year
Beginning of Year
Accounts receivable
$ 63,000
$ 55,000
Inventory
132,000
142,000
Prepaid rent
15,000
18,000
Accounts payable
86,000
77,000
Required:
Calculate Damon Air, Inc.'s cash flows provided by operating activities for 2022 using the indirect method.
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