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Buffalo Corporation had the following 2020 income statement. Sales revenue $182,000 Cost of goods sold 126,000 Gross profit 56,000 Operating expenses (includes depreciation of $23,000)
Buffalo Corporation had the following 2020 income statement.
Sales revenue | $182,000 | |
Cost of goods sold | 126,000 | |
Gross profit | 56,000 | |
Operating expenses (includes depreciation of $23,000) | 46,000 | |
Net income | $10,000 |
The following accounts increased during 2020: Accounts Receivable $11,000, Inventory $10,000, Accounts Payable $12,000. Prepare the cash flows from operating activities section of Buffalos 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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