Solution-Prepare the net cash flow from operating activities

Prepare the net cash flow from operating activities

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Reference no: EM132959276

Question - The Logan's Landing Co. reported the following condensed income statement for 2016:

Logan's Landing CO. Condensed Income Statement For the Year Ended December 31, 2016

Sales $305,000

Cost of goods sold 150,000

Gross profit $155,000

Operating expenses:

Depreciation $42,000

Insurance expense 5,000

Salaries expense 80,000

127,000

Income before taxes $28,000

Income taxes 6,000

Net income $22,000

Also during 2016, the company's current assets and current liabilities changed as follows: Increase (Decrease)

Required - Prepare the Net Cash Flow from Operating Activities section of the statement of cash flows for 2016, using the direct method.

Reference no: EM132959276

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Prepare the net cash flow from operating activities

Reference no: EM132959276

Reference no: EM132959276

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