Reference no: EM132786142

Question - Perfect Office Products provided the following balance sheets and income statement:

Year 2 Year 1

Cash $63,400 $68,700

Accounts receivable 35,000 36,500

Inventory 34,000 32,000

Prepaid insurance 11,000 17,000

Equipment, net 234,500 215,000

Total assets $377,900 $369,200

Accounts payable $36,000 $38,800

Income taxes payable 35,900 23,400

Long-term note payable 57,000 89,000

Common stock 135,600 124,000

Retained earnings 113,400 94,000

Total liabilities & shareholders' equity $377,900 $369,200

Income Statement for Year Ending December 31, Year 2

Sales $570,000

Cost of goods sold 238,000

Depreciation expense 31,200

Other operating expenses 125,000

Income taxes expense 68,000

Net income $107,800

Required - Calculate the cash flow from operations for Year 2.