Willing to give more point financial statements for Zack Market below.
Zack MarketIncome StatementFor the year ended December 31, 2015 Revenues $ 617,000 Expenses: Cost of goods sold $ 361,000 Operating expenses 118,000 Depreciation expense 26,000 Income tax expense 56,000 Total expenses 561,000 Net Income $ 56,000 Zack MarketSelected Balance Sheet DataDecember 31, 2015 Increase in accounts receivable $ 5,000 Increase in inventory 11,300 Decrease in prepaid rent 10,700 Increase in operating expenses payable 6,000 Decrease in accounts payable 7,400 Increase in income tax payable 21,000
Required:
Prepare the operating activities section of the statement of cash flows for zack market using thedirect method. HintPrepaid rent account is adjusted with operating expense.
Zack market
Statement of Cash Flows (partial)For the year ended December 31, 2015 Cash Flows from Operating Activities: (select one)Operating expenses, Cash, paid to suppliers,Cash, received from customers, Cash paid for operating expenses, Cash paid for income taxes, cost of goods sold $ (select one)Cash, received from customers,Operating expenses,Cash paid for operating expenses,Cash paid to suppliers,Cash paid for income taxes,Cost of goods sold (select one)Cash ,paid for income taxes,Cash paid for operating expenses,Cash received from customers,Operating expenses,Cash paid to suppliers,Cost of goods sold (select one)Cash, paid for income taxes,Cash paid for operating expenses,Cost of goods sold,Operating expenses,Cash received from customers,Cash paid to suppliers Net cash flows from operating activities $