Use the above income statement and information about changes in noncash current
ID: 2374112 • Letter: U
Question
Use the above income statement and information about changes in noncash current assets and current liabilities to prepare only the cash provided or used by operating activities section of the statement of cash flows for this company using the direct method. (Amounts to be deducted should be indicated with a minus sign. Omit the "$" sign in your response.)
BEKHAM COMPANYIncome Statement
For Year Ended December 31, 2011 Sales $ 2,466,000 Cost of goods sold 1,208,340 Gross profit 1,257,660 Operating expenses Salaries expense $ 337,842 Depreciation expense 59,184 Rent expense 66,582 Amortization expenses%u2014Patents 7,398 Utilities expense 27,126 498,132 759,528 Gain on sale of equipment 9,864 Net income $ 769,392
Explanation / Answer
Pay ment for rent = -66582
Receipt for customers = 2446350
Payment for merchandise= -1246915
Payment for utilities= -27126
Payment for salaries= -340392
Net cash provided by Operating activities= 765335
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