prepare the cash flow statement under the direct format for michael hart associates 4372936

Prepare the cash flow statement under the direct format for Michael Hart Associates using the data provided in E22-7. In E22-7 Michael Hart Associates closed its books for the current year. The firm provided the following comparative balance sheets and income statement. Michael Hart Associates Income Statement For the Year Ended December 31 Current Year Sales…………………………………………… $ 795,000 Cost of Goods Sold……………………………. 477,000 Gross Profit…………………………………….. $ 318,000 Selling, General, and Administrative Expenses… $ 83,250 Bad Debt Expense………………………………. 8,000 Depreciation Expense…………………………… 22,000 Total Operating Expenses……………………….. $ 113,250 Income before Interest and Taxes……………….. $ 204,750 Interest Expense…………………………………. $ (7,369) Dividend Income………………………………… 1,650 Income Before Tax………………………………. $ 199,031 Income Tax Expense…………………………….. (79,612) Net Income………………………………………. $ 119,419 View Solution:
Prepare the cash flow statement under the direct format for

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