Reference no: EM13918018
The income statement for ABC Remodel for 2014 is as follows:
ABC Remodel
Income Statement
For the Year Ended December 31, 2014
Sales 1,030,000
Cost of goods sold 630,000
Gross profit 400,000
Less:
Depreciation expense 65,000
Amortization of patent 7,500
Wages expense 59,000
Insurance expense 11,000 142,500
Income before taxes 257500
Less income taxes 91,000
Net income 166,500
Also,
Accounts receivable decreased by $25,000 during the year.
Accounts payable increased by $7,000.
Wages payable had a balance of $0 at the beginning of the year; at the end of the year, the balance was $6,000
Prepaid insurance increased by $10,000 during the year.
Prepare the operating activities section of the statement of cash flows for 2014 for ABC Remodel using the indirect method.
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