Question
On their 2020 income statement, Philip Vikrama Corporation had sales revenue of $204,000 and cost of goods sold of $112,000. Gross profit amounted to $92,000.
On their 2020 income statement, Philip Vikrama Corporation had sales revenue of $204,000 and cost of goods sold of $112,000. Gross profit amounted to $92,000. Operating expenses for the year is $51,000 and Net income is $41,000.
Operating expenses included depreciation of $22,000.
The following changes occurred during 2020:
Accounts Receivable increased by $13,000.
Accounts Payable increased by $14,000.
Inventory decreased by $11,000.
The company reported a loss of $4,000.
Preparing the cash flows from operating activities section of Philip Vikramas 2020 statement of cash flows using the direct method.
What is the net cash provided by operating activities?
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