Reference no: EM132620010
Question - The income statement and other selected data for Pat Gibson Company is shown below:
Pat Gibson Company Income Statement For the Year Ended December 31, 2019:
Net sales $900,000
Expenses
Cost of goods sold (663,000)
Depreciation Expenses (20,000)
Income before income taxes $217,000
Income taxes (Paid) (65,400)
Net income $151,600
Clarification and additional data
1. Depreciation Expense for the Year Ended December 31, 2019, $20,000.
2. Decrease in deferred income taxes (Income tax payable), $5,000.
3. Increase in accounts receivable, $20,000.
4. Increase in accounts payable, $10,000.
5. Increase in inventories, $30,000.
6. Decrease in notes payable, $20,000.
Required - Prepare cash flow statement for operating activities for year 2019?