The income statement and additional data of Robinson & Company follow: Robinson
ID: 2375187 • Letter: T
Question
The income statement and additional data of Robinson & Company follow:
Robinson & Company
Income Statement
For the Year Ended December 31, 2006
Revenue:
Sales....................................$229,000
Expenses:
Cost of Goods Sold..$103,000
Salary Expense.......... 45,000
Depreciation Expense..29,000
Advertising Expense.....4,000
Total Expenses.....................181,000
Net Income..........................$48,000
From the balance sheet:
......................................................2006........... 2005
Cash............................................34000...........20000
Accounts Receivable....................43000...........58000
Inventory.....................................83000...........77000
Prepaid Expenses.........................9000.............8000
Accounts Payable.........................35000...........22000
Accrued Liabilities.........................13000...........21000
Prepare the operating section of Robinson & Company's statement of cash flows for the year ended December 31, 2006.
Explanation / Answer
net income 48000
Add:depreciation 29000
accounts payable 13000
accounts receivable 15000
less inventory 6000
prepaid expense 1000
accrued liability 8000
total 90000
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