Following is an income statement for the Crown Point Corporation for the year ended December 31, 2020, and a schedule listing the companys current assets and current liabilities at the end of 2019 and 2020.

Crown Point Corporation Income Statement For the Year Ended December 31, 2020
Sales					$86,600
Cost of goods sold					(49,362	)
Gross margin					37,238
Operating expenses:
	Selling and general expenses		$9,526
	Depreciation expense		2,598		(12,124	)
Operating income					25,114
Gain on sale of land held as investment					6,196
Income before income tax					31,310
Income tax expense					(6,262	)
Net income					$25,048

		2019			2020
Cash		$12,500			$4,250
Accounts receivable		4,870			10,380
Inventory		7,470			11,670
Prepaid selling/general expenses		3,900			1,300
Accounts payable		3,220			6,163
Accrued liabilities		1,500			2,825

Prepare a schedule documenting the Crown Point Corporations net cash flow from operating activities for the year ended December 31, 2020, using the indirect method. (Enter amounts that decrease cash flow either with a negative sign preceding the number, e.g. -15,000 or parenthesis e.g. (15,000).)

Summary of items from Drop Down:

Choose the accounting period: December 31, 2020 For the Month Ended December 31, 2020 For the Year Ended December 31, 2020
Select a cash flow item Decrease in accounts payable Increase in prepaid selling/general expenses Gain on sale of land Adjustments of net income to cash basis Cash received from customers Increase in accounts payable Cash paid for selling and general expenses Increase in accounts receivable Net cash provided by operating activities Decrease in prepaid selling/general expenses Loss on sale of land Cash paid for taxes Decrease in accrued liabilities Increase in inventory Net cash used in operating activities Net income Decrease in inventory Decrease in accounts receivable Cash paid to suppliers of inventory Depreciation expense Increase in accrued liabilities
Select a closing section name: Cash paid for selling and general expenses Cash paid to suppliers of inventory Adjustments of net income to cash basis Increase in accounts payable Net cash provided by operating activities Loss on sale of land Net cash used in operating activities Increase in prepaid selling/general expenses Decrease in prepaid selling/general expenses Decrease in accrued liabilities Gain on sale of land Decrease in accounts payable Decrease in inventory Increase in accounts receivable Depreciation expense Cash received from customers Net income Cash paid for taxes Increase in inventory Decrease in accounts receivable Increase in accrued liabilities

Prepare a schedule documenting the Crown Point Corporations net cash flow from operating activities for the year ended December 31, 2020, using the direct method. Assume that selling and general expenses are related to both prepaid expenses and accrued liabilities. (Enter amounts that decrease cash flow either with a negative sign preceding the number, e.g. -15,000 or parenthesis e.g. (15,000).)

Options for drop down:

Choose the accounting period: December 31, 2020 For the Month Ended December 31, 2020 For the Year Ended December 31, 2020
Select a cash flow item: Decrease in accounts payable Increase in prepaid selling/general expenses Gain on sale of land Adjustments of net income to cash basis Cash received from customers Increase in accounts payable Cash paid for selling and general expenses Increase in accounts receivable Net cash provided by operating activities Decrease in prepaid selling/general expenses Loss on sale of land Cash paid for taxes Decrease in accrued liabilities Increase in inventory Net cash used in operating activities Net income Decrease in inventory Decrease in accounts receivable Cash paid to suppliers of inventory Depreciation expense Increase in accrued liabilities
Select a cash flow item: Cash received from customers Increase in inventory Decrease in accounts receivable Adjustments of net income to cash basis Decrease in accounts payable Loss on sale of land Increase in accounts receivable Net cash used in operating activities Decrease in prepaid selling/general expenses Increase in prepaid selling/general expenses Increase in accounts payable Cash paid to suppliers of inventory Gain on sale of land Cash paid for taxes Increase in accrued liabilities Decrease in accrued liabilities Cash paid for selling and general expenses Net cash provided by operating activities Decrease in inventory Net income Depreciation expense
	enter a dollar amount
Select a closing section name: Cash paid for selling and general expenses Cash paid to suppliers of inventory Adjustments of net income to cash basis Increase in accounts payable Net cash provided by operating activities Loss on sale of land Net cash used in operating activities Increase in prepaid selling/general expenses Decrease in prepaid selling/general expenses Decrease in accrued liabilities Gain on sale of land Decrease in accounts payable Decrease in inventory Increase in accounts receivable Depreciation expense Cash received from customers Net income Cash paid for taxes Increase in inventory Decrease in accounts receivable Increase in accrued liabilities

Ch

Crown Point Corporation Partial Statement of Cash Flows Operating activities-indirect method $ $ $ Crown Point Corporation Partial Statement of Cash Flows Operating activities-direct method $ > $