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...
mrad11Following 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.
12 years ago
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