The following income statement and information about changes in noncash current

Question

The following income statement and information about changes in noncash current assets and current liabilities are reported 7.5 points SONAD COMPANY Income Statement For Year Ended December 31, 2017 Sales Cost of goods sold Gross profit Operating expenses $1,986,000 973,140 1,012,860 Skipped Salaries expense Depreciation expense Rent expense Amortization expenses-Patents Utilities expense $272,082 47,664 53,622 5,958 21,846 eBook 401,172 611,688 7.944 619,632 Gain on sale of equipment Net income Hint Ask Changes in current asset and current liability accounts for the year that relate to operations follow Accounts receivable Inventory $34,200 increase Accounts payable 19,150 increase Salaries payable $15,150 decrease 4,900 decrease References Required

Explanation / Answer

Statement of Cash Flows (Partial) Cash flows from operating activities $619,632 Net Income Adjustment to reconcile net incometo net cash provided by operating activity Income statment items not affecting cash Depreciation expense 47,664 Amortization expense - Patents 5,958 Gain on sale of equipment (7,944) $665,310 Changes in current operating assets and liabilities Increase in accounts receivables (34,200) Decrease in accounts payable   (15,150) Increase in inventory (19,150) Decrease in salaries payable (4,900) Net cash used in operating activities $591,910

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