Business, 05.05.2020 07:57 samiksaRS

SONAD COMPANY Income Statement For Year Ended December 31 Sales $ 1,554,000 Cost of goods sold 761,460 Gross profit 792,540 Operating expenses Salaries expense $ 212,898 Depreciation expense 37,296 Rent expense 41,958 Amortization expenses—Patents 4,662 Utilities expense 17,094 313,908 478,632 Gain on sale of equipment 6,216 Net income $ 484,848 Accounts receivable $ 36,750 increase Accounts payable $ 13,850 decrease Inventory 24,550 increase Salaries payable 2,900 decrease Prepare the operating activities section of the statement of cash flows using the indirect method. (Amounts to be deducted should be indicated with a minus sign.)

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SONAD COMPANY Income Statement For Year Ended December 31 Sales $ 1,554,000 Cost of goods sold 761,4...

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