Sales MOSS COMPANY Income Statement For Year Ended December 31, 2021 Cost of goods sold Gross...

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Sales MOSS COMPANY Income Statement For Year Ended December 31, 2021 Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income $ 515,000 331,600 183,400 121,500 36,000 25,900 7,700 $ 18,200 MOSS COMPANY Selected Balance Sheet Information At December 31 Current assets Cash Accounts receivable Current liabilities Inventory Accounts payable Income taxes payable 2021 2020 $ 84,650 $ 26,800 25,000 32,000 60,000 54,100 30,400 25,700 2,050 2,200 Use the information above to calculate cash flows from operating activities using the indirect method. Note: Amounts to be deducted should be indicated by a minus sign. Cash flows from operating activities: Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Changes in current operating assets and liabilities $ 36,000 Sales MOSS COMPANY Income Statement For Year Ended December 31, 2021 Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income $ 515,000 331,600 183,400 121,500 36,000 25,900 7,700 $ 18,200 MOSS COMPANY Selected Balance Sheet Information At December 31 Current assets Cash Accounts receivable Current liabilities Inventory Accounts payable Income taxes payable 2021 2020 $ 84,650 $ 26,800 25,000 32,000 60,000 54,100 30,400 25,700 2,050 2,200 Use the information above to calculate cash flows from operating activities using the indirect method. Note: Amounts to be deducted should be indicated by a minus sign. Cash flows from operating activities: Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Changes in current operating assets and liabilities $ 36,000