Question
Indigo Corporation had the following 2017 income statement. Sales revenue $187,000 Cost of goods sold 124,000 Gross profit 63,000 Operating expenses (includes depreciation of $19,000)
Indigo Corporation had the following 2017 income statement.
Sales revenue
$187,000
Cost of goods sold
124,000
Gross profit
63,000
Operating expenses (includes depreciation of $19,000)
45,000
Net income
$18,000
The following accounts increased during 2017: Accounts Receivable $12,000, Inventory $9,000, Accounts Payable $14,000. Prepare the cash flows from operating activities section of Indigo's 2017 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).)
Indigo Corporation
Statement of Cash Flows-Indirect Method (Partial)
$
Adjustments to reconcile net income to
$
$
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