Question: Cash flows from operating activities for both the indirect and direct methods are presented for Audio Systems. Required: Complete the following income statement for Audio

Cash flows from operating activities for both the indirect and direct methods are presented for Audio Systems.

Required:
Complete the following income statement for Audio Systems. Assume all accounts payable are for operatingexpenses.

Audio Systems Income Statement For the Year Ended December 31, 2015 Expenses Operating expenses Depreciation expense Income tax expense 7 7,000 7 Total expenses Net Income S 45,000

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