The following income statement and information about

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The following income statement and information about changes in noncash current assets and current liabilities are reported.

SONAD COMPANY
Income Statement
For Year Ended December 31, 2013
 Sales


$ 2,484,000
Cost of goods sold



1,217,160







Gross profit



1,266,840
Operating expenses





Salaries expense $ 340,308



Depreciation expense
59,616



Rent expense
67,068



Amortization expenses-Patents
7,452



Utilities expense
27,324

501,768












765,072
Gain on sale of equipment



9,936







Net income


$ 775,008










Changes in current asset and current liability accounts for the year that relate to operations follow.








Accounts receivable $ 15,650   increase   Accounts payable $ 13,275   decrease
Merchandise inventory
39,150   increase   Salaries payable
3,450   decrease

Use the direct method to prepare only the cash provided or used by operating activities section of the statement of cash flows for this company. (Amounts to be deducted should be indicated with a minus sign.)

Reference no: EM13567879

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