The income statement and additional data of Robinson & Company follow:
Robinson & Company
Income Statement
For the Year Ended December 31, 2006
Revenue:
Sales………………………………$229,000
Expenses:
Cost of Goods Sold..$103,000
Salary Expense………. 45,000
Depreciation Expense..29,000
Advertising Expense…..4,000
Total Expenses…………………181,000
Net Income……………………..$48,000
From the balance sheet:
………………………………………………2006……….. 2005
Cash……………………………………..34000………..20000
Accounts Receivable………………..43000………..58000
Inventory……………………………….83000………..77000
Prepaid Expenses…………………….9000………….8000
Accounts Payable…………………….35000………..22000
Accrued Liabilities…………………….13000………..21000
Prepare the operating section of Robinson & Company’s statement of cash flows for the year ended December 31, 2006.