Soccer Emporium provided the following information for the current year. Simplified Income StatementAmount Sales..$ 567,000 Depreciation Expense

Question:

Soccer Emporium provided the following information for the current year.
Simplified Income StatementAmount
Sales……………………………………………..$ 567,000
Depreciation Expense…………………………… (52,000)
Selling, General, and Administrative Expenses… (488,000)
Operating Income……………………………….. 27,000
Tax Expense……………………………………... (8,000)
Net Income………………………………………. $ 19,000
Account Changes from the in Accounts Receivable………………… $ 9,000
Decrease in Prepaid Expenses…………………… $ 8,000
Increase in Accounts Payable……………………. $ 11,000
Decrease in Income Taxes Payable………………. $ 3,000
Compute cash flows from operating activities for Soccer Emporium under the indirect reporting format. Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...