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Sheridan Corporation had the following 2020 income statement. Sales revenue Cost of goods sold Gross profit Operating expenses (includes depreciation of $19,000) Net income $181,000
Sheridan Corporation had the following 2020 income statement. Sales revenue Cost of goods sold Gross profit Operating expenses (includes depreciation of $19,000) Net income $181,000 124,000 57,000 45,000 $12,000 The following accounts increased during 2020: Accounts Receivable $11,000, Inventory $10,000, Accounts Payable $14,000. Prepare the cash flows from operating activities section of Sheridan's 2020 statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a-signe.g.-15,000 or in parenthesis e.g. (15,000).) Sheridan Corporation Statement of Cash Flows-Indirect Method (Partial) Net Income $ UT Adjustments to reconcile net income to > $ > $
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