Business, 16.11.2020 17:00 januarywrites

Based on this income statement for Company ZYX for the year ending December 31, 2014, what adjustment would need to be made to Net Income to account for Gain or Loss in calculating cash flow from Operating Activities using the indirect method?" COMPANY ZYX

INCOME STATEMENT

For the Year Ending 12/31/14

Net Sales $ 500,000

Cost of Sales $ 200,000

GROSS PROFIT 300,000

Operating Expenses

Research and Development 35,000

Marketing and Sales Expenses 60,000

General and Administrative Expense 21,000

TOTAL OPERATING EXPENSES 116,000

OPERATING INCOME 184,000

Gain(Loss) on sale of Equipment (30,000)

Gain (Loss) on sale of debt investment 46,000

Other Income/(Expense) (10,000)

Net INCOME BEFORE TAXES 190,000

Income Tax Expense 57,000

NET INCOME $133,000

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Based on this income statement for Company ZYX for the year ending December 31, 2014, what adjustmen...

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