Shark Company provided the following balance sheet and

income statement #3361

Shark Company provided the following balance sheet and income statement for the current
year. Prepare the operating activities section of the cash flow statement using the direct
method. Assume accrued expenses relate to selling, general and administrative
expenses.Shark CompanyIncome StatementFor the Year Ended December
31Sales…………………………………………….. $ 56,000Cost of Goods Sold…………………………….. 3
Profit……………………………………… $ 22,400Selling, General, and Administrative Expenses…. $
11,600Depreciation Expense……………………………. 6,000Total Operating Expenses……………………
17,600Income before Interest and Taxes………………… $ 4,800Interest Expense…………………………
(2,100)Income before Tax………………………………… $ 2,700Income Tax Expense………………………
(1,334)Net Income………………………………………... $ 1,366View Solution:
Shark Company provided the following balance sheet and income statement

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