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The income statement of Country Kitchen Bakeries Inc. for the current year ended June 30 is as follows:
Sales
$456,000
Cost of merchandise sold
259,000
Gross profit
$197,000
Operating expenses:
Depreciation expense
$35,000
Other operating expenses
92,400
Total operating expenses
127,400
Income before income tax
$ 69,600
Income tax expense
19,300
Net income
$ 50,300
Changes in the balances of selected accounts from the beginning to the end of the current year are as follows:
Increase
Decrease*
Accounts receivable (net)
$10,500*
Inventories
3,500
Prepaid expenses
3,400*
Accounts payable (merchandise creditors)
7,200*
Accrued expenses (operating expenses)
1,100
Income tax payable
2,400*
Prepare the cash flows from operating activities section of the statement of cash flows, using the direct method.
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