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Question - Portions of the financial statements for a company are provided below.
Income Statement For the year ended December 31, Year 2
Net sales
$1,550,000
Expenses:
Cost of goods sold
$950,000
Operating expenses
460,000
Depreciation expense
40,000
Income tax expense
30,000
Total expenses
1,480,000
Net income
$70,000
Selected Balance Sheet Data December 31
Year 2
Year 1
Increase (I) or Decrease (D)
Cash
$92,000
$80,000
$12,000 (I)
Accounts receivable
47,000
54,000
7,000 (D)
Inventory
65,000
50,000
15,000 (I)
Prepaid rent
2,000
3,000
1,000 (D)
Accounts payable
35,000
32,000
3,000 (I)
Income tax payable
4,000
5,000
Required - Prepare the operating activities section of the statement of cash flows for the company using the direct method.
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