Schedule of cash flows from operating activities

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Reference no: EM131285800

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

Knox Corporation

Income Statement

For the Year Ended December 31, 20xx

Sales $3,000

Cost of goods sold 1,500

Gross margin $1,500

Operating expenses $600

Depreciation expense 300 900

Income before income taxes $ 600

Income taxes expense 150

Net income $ 450

During the year,

Accounts receivable (net) decreased by $750

Inventory increased by $450

Accounts Payable decreased by $600

Income Taxes Payable increased by $150

Using the information provided prepare the Schedule of Cash Flows from Operating Activities using the indirect method.

Reference no: EM131285800

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