Question: Use the following information to prepare the operating activities section of the statement of cash flows using the indirect method. Wonder Company Income Statement
Use the following information to prepare the operating activities section of the statement of cash flows using the indirect method. Wonder Company Income Statement For Year Ended December 31, 2019 Sales Cost of goods sold Gross profit from sales Operating expenses: Salaries expense Depreciation expense Rent expense Interest expense Income from operations Loss on sale of land Net income 90,000 52,000 Accounts receivable 38,000 Merchandise inventory 12,500 3,500 3,600 Prepaid rent 950 20,550 17.450 1,750 Accounts payale 15.700 Salaries payable Interest payable December 31, 2019 Balance 13,800 11,150 December 31, 2018 12,000 10,000 275 200 13.550 13,000 5,200 4,500 150 125
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