An income statement for the first year of operations for Patti Company appears below:
Sales $390,000
Dividend revenue 39,000
Interest revenue 24,050
Cost of goods sold (208,000 )
Salary expense (26,000 )
Depreciation expense (70,200 )
Income tax expense (109,200 )
Net income $39,650
Additional information:
a. Accounts payable, end of year, $13,000.
b. Salaries payable, end of year, $8,450.
c. Inventories, end of year, $26,000.
d. Accounts receivable, end of year, $32,500.
Required:
Use the direct approach to calculate the cash provided (used) by operating activities for Patti Company.
Answers: 3
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An income statement for the first year of operations for Patti Company appears below:
Sales $390,00...
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