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Novak Corporation had the following 2020 income statement. Sales revenue Cost of goods sold Gross profit Operating expenses (includes depreciation of $19,000) Net income $191,000
Novak Corporation had the following 2020 income statement. Sales revenue Cost of goods sold Gross profit Operating expenses (includes depreciation of $19,000) Net income $191,000 122,000 69,000 45,000 $24,000 The following accounts increased during 2020: Accounts Receivable $11,000, Inventory $11,000, Accounts Payable $14,000. Prepare the cash flows from operating activities section of Novak's 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).) Novak Corporation Statement of Cash Flows-Indirect Method (Partial) December 31, 2020 Cash Flows from Operating Activities C Cash Received from Customers Adjustments to reconcile net income to
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