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Bridgeport Corporation had the following 2020 income statement. Sales revenue $183,000 Cost of goods sold 118,000 Gross profit 65,000 Operating expenses (includes depreciation of $19,000)
Bridgeport Corporation had the following 2020 income statement.
Sales revenue | $183,000 | |
Cost of goods sold | 118,000 | |
Gross profit | 65,000 | |
Operating expenses (includes depreciation of $19,000) | 45,000 | |
Net income | $20,000 |
The following accounts increased during 2020: Accounts Receivable $13,000, Inventory $11,000, Accounts Payable $13,000. Prepare the cash flows from operating activities section of Bridgeports 2020 statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
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