Question
Pronghorn Corporation had the following 2017 income statement. Sales revenue $204,000 Cost of goods sold 112,000 Gross profit 92,000 Operating expenses (includes depreciation of $22,000)
Pronghorn Corporation had the following 2017 income statement. Sales revenue $204,000 Cost of goods sold 112,000 Gross profit 92,000 Operating expenses (includes depreciation of $22,000) 51,000 Net income $41,000 The following accounts increased during 2017: Accounts Receivable $13,000, Inventory $11,000, Accounts Payable $14,000. Prepare the cash flows from operating activities section of Pronghorns 2017 statement of cash flows using the direct method. Pronghorn Corporation Statement of Cash Flows-Direct Method (Partial) $ $ $ LINK TO TEXT LINK TO TEX
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