Cash flows from operating activities for both the indirect and direct methods are presented for Reverse Logic. All amounts are in thousands (000s).

Required:
Complete the following income statement for Reverse Logic. Assume all accounts payable are tosuppliers.

REVERSE LOGIC Income Statement For the year ended December 31, 2015 Net sales Expenses: Cost of goods sold Operating expenses Depreciation expense Income tax expense Total expenses 62 Net income $174