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Oriole Corporation had the following 2020 income statement. Sales revenue $182,000 Cost of goods sold 126,000 Gross profit 56,000 Operating expenses (includes depreciation of $23,000)
Oriole Corporation had the following 2020 income statement.
Sales revenue | $182,000 | |
Cost of goods sold | 126,000 | |
Gross profit | 56,000 | |
Operating expenses (includes depreciation of $23,000) | 46,000 | |
Net income | $10,000 |
The following accounts increased during 2020: Accounts Receivable $11,000, Inventory $10,000, Accounts Payable $12,000. Prepare the cash flows from operating activities section of Orioles 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).)
Oriole Corporation Statement of Cash Flows-Indirect Method (Partial) For the Year Ended December 31, 2020 Cash Flows from Operating Activities Net Income 10000 Adjustments to reconcile net income to Net Cash Provided by Operating Activities Depreciation expense $Step by Step Solution
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