Refer to the information about Sonad Company in Exercise 12-4. Use the direct method to prepare only
Question:
In Exercise 12-4
The following income statement and information about changes in noncash current assets and current liabilities are reported.
Changes in current asset and current liability accounts for the year that relate to operations follow.
Accounts receivable . . . . . . . . . . $30,500 increase
Inventory . . . . . . . . . . . . . . . . . . . 25,000 increase
Accounts payable . . . . . . . . . . . $12,500 decrease
Salaries payable . . . . . . . . . . . . . . 3,500 decrease
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