Illustration 3 From the following balances calculate cash from operations: Bills Receivable Debtors Bills Payable Creditors Outstanding Expenses Prepaid Expenses Accrued Income Income received in advance Profit made during the year 2011 $ 50,000 10,000 20,000 8,000 1,000 800 600 800 31 December 2012 $ 47,000 12,500 25,000 6,000 1,200 700 750 250 70,000