Statement of Cash Flows—Indirect Method
Glendive Corp. is in the process of preparing its statement of
cash flows for the year ended June 30, 2017. An income statement
for the year and comparative balance sheets are as
follows:
For the Year Ended
June 30, 2017
Sales revenue
$550,000
Cost of goods sold
350,000
Gross profit
$200,000
General and administrative expenses
$55,000
Depreciation expense
75,000
Loss on sale of plant assets
5,000
Total expenses and losses
$135,000
Income before interest and...