An income statement for the first year of operations for Patti Company appears below: Sales $390,000

Dividend revenue 39,000

Interest revenue 24,050

Cost of goods sold (208,000 )

Salary expense (26,000 )

Depreciation expense (70,200 )

Income tax expense (109,200 )

Net income $39,650

Additional information:

a. Accounts payable, end of year, $13,000.

b. Salaries payable, end of year, $8,450.

c. Inventories, end of year, $26,000.

d. Accounts receivable, end of year, $32,500.

Required:

Use the direct approach to calculate the cash provided (used) by operating activities for Patti Company.

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Magic realm, inc., has developed a new fantasy board game. the company sold 15,000 games last year at a selling price of $20 per game. fixed expenses associated with the game total $182,000 per year, and variable expenses are $6 per game. production of the game is entrusted to a printing contractor. variable expenses consist mostly of payments to this contractor. required: 1-a. prepare a contribution format income statement for the game last year.1-b. compute the degree of operating leverage.2. management is confident that the company can sell 58,880 games next year (an increase of 12,880 games, or 28%, over last year). given this assumption: a. what is the expected percentage increase in net operating income for next year? b. what is the expected amount of net operating income for next year? (do not prepare an income statement; use the degree of operating leverage to compute your answer.)

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