CH12 Reporting Cash Flows (HW) ( Saved Help Save & Exit Submit Check my work The following income statement and additional year-end information is provided. points SONAD COMPANY Income Statement For Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses Salaries expense $296,468 Depreciation expense 51,936 Rent expense 58,428 Amortization expenses Patents 6,492 Utilities expense 23, B04 $2,164,000 1,060, 360 1,103,640 eBook Print 437, 128 666,512 8.656 Gain on sale of equipment Net income $ 675,168 References Accounts receivable Inventory $46,750 increase 23,775 increase Accounts payable salaries payable $ 11,425 decrease 5.450 decrease Prepare the operating activities section of the statement of cash flows using the indirect method. (Amounts to be deducted should be indicated with a minus sign.) Statement of Cash Flows (partial) 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 Bes, a a . H NInh s