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Flatland Company has provided the following information taken from its current financial statements to assist you in preparing its statement of cash flows.
Cost of Goods Sold $437700
Decrease in Accounts Payable 7900
Decrease in Accounts Receivable 5000
Decrease in Income Taxes Payable 6300
Depreciation Expense 10500
Increase in Merchandise Inventory 9000
Increase in Prepaid Expenses 6900
Interest Expense 10660
Net Income 161030
Operating Expenses 113100
Sales 807000
Tax Expense 81470
Question 1: For the statement of cash flows, cash from operating activities, direct method, compute the following:
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