Reference no: EM131144998
Cash flows from operating activities; presented below is the income statement of Angola, Inc.
Sales ................ $324,000
Cost of goods sold ......... $214,000
Gross profit ............ $110,000
Operating expenses ......... $67,000
Income before income taxes ...... $43,000
Income taxes ........... $17,200
Net income ............ $25,800
In addition, the following information related to net changes in working capital is presented.
Debit Credit
Cash ............... $10,600
Accounts receivable ......... $2,400
Inventories ............ $3,600
Salaries payable (operating expenses) ... $12,000
Accounts payable .......... $15,000
Income taxes payable ........ $1,400
Depreciation expense for the year was ... $14,700
Deferred tax liability account increased . $1,800
Required:
Prepare a schedule computing the net cash flow from operating activities that would be shown on a statement of cash flows-(b) using the direct method.
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