Prepare a schedule of cash flows from operating activities

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Following are the income statement and other information for Polk Corporation.

Polk Corporation

Income Statement

For the Year Ended December 31, 2010

Sales

$6,000

Cost of goods sold

 

3,000

Gross margin

 

$3,000

Operating expenses

$1,200

 

Depreciation expense

  600

1,800

Income before income taxes

 

$1,200

Income taxes expense

 

300

Net income

 

$ 900

Accounts receivable (net) decreased by $1,500 during the year. Inventory increased by $900, and Accounts Payable decreased by $1,200 during the year. Income Taxes Payable increased by $300 during the year.

Prepare a schedule of cash flows from operating activities using the indirect method.

Reference no: EM13764322

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