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Question - The income statement of Sage Company is shown below.
SAGE COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2017
Sales revenue
$6,380,000
Cost of goods sold
Beginning inventory
$2,080,000
Purchases
4,350,000
Goods available for sale
6,430,000
Ending inventory
1,460,000
4,970,000
Gross profit
1,410,000
Operating expenses
Selling expenses
430,000
Administrative expenses
670,000
1,100,000
Net income
$310,000
Additional information:
1. Accounts receivable decreased $300,000 during the year.
2. Prepaid expenses increased $150,000 during the year.
3. Accounts payable to suppliers of merchandise decreased $280,000 during the year.
4. Accrued expenses payable decreased $110,000 during the year.
5. Administrative expenses include depreciation expense of $70,000.
Prepare the operating activities section of the statement of cash flows for the year ended December 31, 2017, for Sage Company, using the indirect method.
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