I am having trouble calculating the net income. Along with answering the question could you provide the formula to calculate net income so I know how to do it going forward. Thanks.
Homework Answers
Answer-
| EDWARD CORPORATION | ||
| STATEMENT OF CASH FLOWS PARTIAL (USING INDIRECT METHOD) | ||
| FOR THE YEAR ENDED JUNE 30,2018 | ||
| Particulars | Amount | |
| $ | ||
| Cash flow from operating activities | ||
| Net Income | 75000 | |
| Adjustments to reconcile net income to net cash provided by operating activities | ||
| Adjustment for non cash effects | ||
| Depreciation expenses | 7000 | |
| Change in operating assets & liabilities | ||
| Increase in current assets other than cash | -40000 | |
| Decrease in current liabilities | -4000 | |
| Net cash flow from operating activities | 38000 |
Explanation- Net income = Sales revenue-Cost of goods sold-Other operating expenses-Depreciation expense
= $229000-$112000-$35000-$7000
= $75000
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I am having trouble calculating the net income. Along with
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