Reporting Cash Flows from Operating Activities (Indirect Method)
The following information pertains to Satellite Company:
Income Statement for 20I2 | ||
Sales |
| $85,000 |
Expenses |
|
|
Cost of goods sold | $51,875 |
|
Depreciation expense | 8,500 |
|
Salaries expense | 12,000 | 72,375 |
Net income |
| $12,625 |
|
|
|
Partial Balance Sheet | 2012 | 2011 |
Accounts receivable | $10,500 | $12,000 |
Inventory | 14,000 | 8,000 |
Salaries payable | 1,750 | 800 |
Required:
Present the operating activities section of the statement of cash flows for Satellite Company using the indirect method.
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