Question

The following Income statement and Information about changes in noncash current assets and current liabilities are reported. $1,828,eee 991, eee 837,000 SONAD COMPANY Income Statement For Year Ended December 31, 2017 Sales Cost of goods sold Gross profit Operating expenses Salaries expense $245,535 Depreciation expense 44,200 Rent expense 49,600 Amortization expenses-Patents 4,200 Utilities expense 18,125 Gain on sale of equipment Net income 361,660 475,340 6,200 $ 481,540 Changes in current asset and current liability accounts for the year that relate to operations follow. Accounts receivable Inventory $30,500 increase 25,eee increase Accounts payable salaries payable $12,5e8 decrease 3,580 decrease Required: Prepare only the cash flows from operating activities section of the statement of cash flows using the Indirect method. (Amounts to be deducted should be indicated with a minus sign.) Answer is not complete. Statement of Cash Flows (partial) Cash flows from operating activities Net income $ 481,540 Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Depreciation expense 44,200 Amortization expense-Patents 4,200 Gain on sale of equipment (6.200) Changes in current operating assets and liabilities Increase in inventory Decrease in accounts payable Decrease in salaries payable Increase in accounts receivable (25,000) (12,500) (3,500) (30,500) OOOO 452.240

I have no idea what I am missing. Thank you for your help in advance!

Answer 1

Last column you have missed the label, which will be Net cash provided by operating activities

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