QS 12-6 (Algo) Indirect: Computing cash from operations LO P2 Sales MOSS COMPANY Income Statement For Year Ended December 31, 2021 Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income MOSS COMPANY Selected Balance Sheet Information $ 544,000 355,600 188,400 At December 31 2021 2020 Current assets Cash $ 90,650 $ 32,800 Accounts receivable 31,000 44,000 Inventory 66,000 55,300 Current liabilities. Accounts payable 42,400 31,700 Income taxes payable 2,650 3,400 128,000 48,000 12,400 7,400 $ 5,000