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Bloom Corporation had the following 2020 income statement. Sales revenue Cost of goods sold Gross profit Operating expenses (includes depreciation of $21,000) Net income $200,000
Bloom Corporation had the following 2020 income statement. Sales revenue Cost of goods sold Gross profit Operating expenses (includes depreciation of $21,000) Net income $200,000 120,000 80,000 50,000 $30,000 The following accounts increased during 2020: Accounts Receivable $12,000, Inventory $11,000, and Accounts Payable $13,000. Prepare the cash flows from operating activities section of Bloom's 2020 statement of cash flows using the direct method. Bloom Corporation Statement of Cash Flows-Direct Method (Partial) For the Year Ended December 31, 2020 [ Cash Flows from Operating Activities Net Income 30000 Depreciation expense 21000 Increase in Accounts Receivable - 12000 x 11000 Net Cash Provided by Operating Activities 41000
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