Question: Having problems with the items listed below. The following income statement and additional year-end information is provided. SONAD COMPANY Income Statement For Year Ended December

Having problems with the items listed below.


The following income statement and additional year-end information is provided. SONAD COMPANY Income Statement For Year Ended December 31 Sales $1, 529,060 Cost of goods sold 749, 210 Gross profit 779, 790 Operating expenses Salaries expense $209, 473 Depreciation expense 36, 696 Rent expense 41, 283 Amortization expenses-Patents 4,587 Utilities expense 16, 819 308, 858 470,932 Gain on sale of equipment 6, 116 Net income $ 477, 048 Accounts receivable $34, 150 increase Accounts payable $11, 175 decrease Inventory 33, 609 increase Salaries payable 1, 800 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 liabilitiesExercise 12-8 Cash flows from investing activities L0 P3 a. Equipment with a book value of $19,000 and an original cost of $160,000 Iwas sold at a loss of $31,000. In. Paid $100,000 cash for a new truck. c. Sold land costing $320,000 for $415,000 cash, yielding a gain of $05,000. :1. Long-term investments in stock were sold for $91000 cash, yielding a gain of $15,500. Use the above information to determine cash ows from investing activities. {Amounts to be deducted should be indicated in. minus sign.} Cash flows horn investing activities
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