Business, 04.08.2021 04:50 haileysolis5

Portions of the financial statements for a company are provided below. Income Statement For the year ended December 31, Year 2 Net sales $1,575,000 Expenses: Cost of goods sold$960,000 Operating expenses 470,000 Depreciation expense 41,000 Income tax expense 31,000 Total expenses 1,502,000 Net income $73,000 Selected Balance Sheet Data December 31 Year 2Year 1Increase (I) or Decrease (D) Cash$93,000 $80,500 $12,500 (I) Accounts receivable 46,900 53,500 6,600 (D) Inventory 66,000 50,500 15,500 (I) Prepaid rent 2,100 3,200 1,100 (D) Accounts payable 36,000 32,500 3,500 (I) Income tax payable 4,100 5,500 1,400 (D) Required: Prepare the operating activities section of the statement of cash flows for the company using the indirect method.

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Portions of the financial statements for a company are provided below. Income Statement For the year...

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