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Skysong Corporation had the following 2020 income statement. Sales revenue $183,000 Cost of goods sold 117,000 Gross profit 66.000 Operating expenses (includes depreciation of $21,000)
Skysong Corporation had the following 2020 income statement. Sales revenue $183,000 Cost of goods sold 117,000 Gross profit 66.000 Operating expenses (includes depreciation of $21,000) 49,000 Net income $17,000 The following accounts increased during 2020: Accounts Receivable $12,000, Inventory $12,000, Accounts Payable $12,000. Prepare the cash flows from operating activities section of Skysong'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).) Skysong Corporation Statement of Cash Flows-Indirect Method (Partial) For the Year Ended December 31, 2020 Adjustments to reconcile net income to Statement of Cash Flows-Indirect Method (Partial) For the Year Ended December 31, 2020 Adjustments to reconcile net income to $ $ $
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