36 the income statement and a partial balance sheet of williams company for the year 4306927

36 the income statement and a partial balance sheet of williams company for the year 4306927

36) The income statement and a partial balance sheet of Williams Company for the year ended December 31, 2014 is presented below. Prepare the operating activities section of the statement of cash flows using the direct method. Assume the Accrued Liabilities relate to Miscellaneous Operating Expenses.

Income Statement

Sales Revenues$1,500,000

Cost of Goods Sold  1,170,000

Gross profit$330,000

Operating expenses:

Salaries Expense$210,000

Depreciation Expense60,000

Miscellaneous Expenses     30,000300,000

Net Income$30,000

Partial Balance Sheet

20142013

Cash$240,000$195,000

Accounts Receivable (net)150,000150,000

Inventories306,000258,000

Accrued Liabilities13,50015,000

Accounts Payable (inventory)174,000153,000

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