Exercise 12-4 Indirect: Cash flows from operating activittles LO P2 The following income statement and information about changes in noncash current assets liabilities are reported. SONAD COMPANY Income Statement For Year Ended December 31, 201 Sales Cost of goods sold $2,261,000 1,107,890 ross profit 1,153,110 Operating expenses Salaries expense Depreciation expense Rent expense Amortization expenses-Patents Utilities expense $309,757 54,264 61,047 6,783 24,871456,722 696,388 9,044 Gain on sale of equipment Net income S 705.432 Changes in current asset and current liability accounts for the year that relate to operations Accounts receivable$13 250 increase Accounts payable $12,600 decreas 1,550 decrea inventory 10.400 increase Salaries payable