Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribed

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

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Forensic Accounting And Fraud Investigation For Non-Experts

Authors: Stephen Pedneault, Frank Rudewicz, Howard Silverstone, Michael Sheetz

3rd Edition

0470879599, 9780470879597

More Books

Students also viewed these Accounting questions

Question

8.2 Explain the purpose of onboarding programs.

Answered: 1 week ago