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(7 points) Caritech had the following income statement for 2020: Sales Cost of goods sold Depreciation expense Other operating expenses and taxes Net Income $3,080,000
(7 points) Caritech had the following income statement for 2020: Sales Cost of goods sold Depreciation expense Other operating expenses and taxes Net Income $3,080,000 2,160,000 200,000 352.000 $ 368,000 Additional information about the company follows: Accounts receivable Inventory Prepaid expenses End of Year $152,000 160,000 12,500 Accounts payable 95,000 Calculate Caritech's cash flows provided by operating activities for 2020 using the indirect method. Beginning of Year $124,000 172,000 21,000 92,000 Net Income Add (deduct) items to convert net income to cash basis: Depreciation Accounts receivable change Inventory change Prepaid expenses change Accounts payable change Net cash provided by operating activities
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