Condensed income statement

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Reference no: EM13945528

The condensed income statement for the year ended December 31, 2014, of Evan Corporation appears as follows:

Sales	$6,200,000
Cost of Goods Sold	$3,400,000
Operating expenses (including depreciation of $205,000)		1,650,000
Income Taxes		345,000	5,395,000
Net Income			mce_markernbsp; 805,000

Selected accounts from the company's balance sheets for 2014 and 2013 are as follows:

	2014	2013
Accounts Receivable	mce_markernbsp; 980,000	$750,000
Inventory	315,000	420,000
Prepaid Expenses	87,000	75,000
Accounts Payable	320,000	250,000
Accrued Liabilities	15,000	40,000
Income Taxes Payable	62,000	30,000

Prepare a schedule of cash flows from operating activities using the indirect method.

Reference no: EM13945528

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