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Swifty Corporation had the following 2020 income statement. Sales revenue Cost of goods sold Gross profit Operating expenses (includes depreciation of $19,000) Net income $197,000
Swifty Corporation had the following 2020 income statement. Sales revenue Cost of goods sold Gross profit Operating expenses (includes depreciation of $19,000) Net income $197,000 124,000 73,000 48,000 $25,000 The following accounts increased during 2020: Accounts Receivable $10,000, Inventory $10,000, and Accounts Payable $11,000. Prepare the cash flows from operating activities section of Swifty's 2020 statement of cash flows using the direct method. Swifty Corporation Statement of Cash Flows-Direct Method (Partial) For the Year Ended December 31, 2020 Cash Flows from Operating Activities Cash Received from Customers $ 187,000 Cash Payment to Suppliers 123,000 Cash Payment for Operating Expenses 20,000 103,000 Net Cash Provided by Operating Activities $ 84,000
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