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Prepare the operating activities section of the statement

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Question - The following income statement and additional year-end information is provided.

SONAD COMPANY Income Statement For Year Ended December 31

Sales $2,475,000

Cost of goods sold 1,212,750

Gross profit 1,262,250

Operating expenses Salaries expense $339,075

Depreciation expense 59,400

Rent expense 66,825

Amortization expenses-Patents 7,425

Utilities expense 27,225 499,950 762,300

Gain on sale of equipment 9,900

Net income $772,200

Accounts receivable $19,750 increase

Accounts payable $13,475 decrease

Inventory 22,775 increase

Salaries payable 4,150 decrease

Required - Prepare the operating activities section of the statement of cash flows using the indirect method.

Reference no: EM132569409

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