operating activities section direct method polly s imported goods ltd recently issue 4372497

Operating Activities Section, Direct Method. Polly’s Imported Goods, Ltd. recently issued its annual report for the current year. Polly’s comparative balance sheets for the current year are presented below. Prepare the operating activities section of the statement of cash flows using the direct method. Assume accrued expenses relate to selling, general and administrative expenses. Polly’s Imported Goods, Ltd. Income Statement For the Year Ended December 31 Sales…………………………………………………. $ 137,710 Cost of Goods Sold…………………………………. 82,626 Gross Profit………………………………………….. $ 55,084 Selling, General, and Administrative Expenses……… $ 23,584 Depreciation Expense………………………………… 8,000 Total Operating Expenses…………………………….. $ 31,584 Income Before Interest and Taxes…………………….. $ 23,500 Interest Expense………………………………………. $ (6,000) Income Before Tax……………………………………. $ 17,500 Income Tax Expense………………………………….. (7,000) Net Income……………………………………………. $ 10,500 View Solution:
Operating Activities Section Direct Method Polly s Imported Goods Ltd recently

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