Prepare a schedule of cash flows from operating activities

Reference no: EM13764322

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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