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Question - Following are the income statement and some additional information for Carolina Consulting Company.
Carolina Consulting Company Income Statement For the Year Ended December 31, 2021
Net sales
$11,500
Cost of goods sold
(1,800)
Gross margin
9,700
Operating expenses
$2,300
Depreciation expense
1,050
(3,350)
Income before taxes
6,350
Income taxes
(1,900)
Net income
$4,450
All sales were on credit and accounts receivable decreased by $930 in 2021 compared to 2020. Merchandise purchases were on credit with a decrease in accounts payable of $730 during the year. Ending inventory was $530 larger than beginning inventory. Income taxes payable increased $330 during the year. All operating expenses were paid for in cash.
Required - Prepare the cash flows from operating activities section of the statement of cash flows using the direct method.
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