Based on the Information in the Following Income Statement and Balance

question 225

Essay

Based on the information in the following income statement and balance sheet for Monterey Corporation,determine the cash flows from operating activities using the direct method.
$\begin{array}{c}\text {Monterey Corporation}\\\text { Income Statement }\\\text {For Year Ended December \( 31,20 \mathrm{X} 2 \)}\\\begin{array}{|l|l|l|}\hline \text { Sales } & & \$ 504,000 \\\hline \text { Cost of goods sold } & 327,600 & \\\hline \text { Depreciation } & 42,000 & \\\hline \text { Other operating expenses } & 125,500 & (495,100) \\\hline \text { Other gains (losses): } & & \\\hline \text { Gain on sale of equipment } & & 7,200 \\\hline \text { Income before taxes } & & 16,100 \\\hline \text { Income tax expense } & & (4,800) \\\hline \text { Net income } & & \$ 11,300 \\\hline\end{array}\end{array}$

Recognize the legal and regulatory framework governing labor relations.

Understand the significant contributions of African Americans to the Revolutionary War.

Recognize the complexity of attitudes towards slavery and liberty during the American Revolutionary period.

Identify key figures and their stances in the fight against slavery and for independence.

---

Definitions:

Questionnaire

A series of written questions designed for gathering information from respondents, used in surveys or research studies.

Respondents Representative

An individual who answers or provides data on behalf of a group of people in surveys, studies, or other forms of research.

Government Publications

Official documents released by governmental bodies that cover a wide range of topics relevant to public interest and policy.

Print and Online Sources

References and materials available both in physical print form and accessible via the internet for research and information.